Aura Energy Limited - Capital/Financing Update 2021

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ASX RELEASE

18 August 2021

Zero Emission Tiris Uranium Project Definitive Feasibility Study – Updated Capital Estimate

KEY PROJECT OUTCOMES OF THE STUDY:

Low capital cost of US$74.8 million
Low C1 cash cost of US$25.43/lb U3O8
All-In Sustaining Cost (AISC) of US$29.81/lb U3O8
Production is 12.4 Mlbs U3O8 over 15 years
Payback period is 4 years
Maiden Ore Reserve Estimate for Tiris is 10.9 Mt @ 336 ppm U3O8

KEY FINANCIAL OUTCOMES OF THE STUDY:

Total project After Tax cash flow is US$214 million (A$305 million)
Average After Tax cash flow of US$17.1 million pa (A$24.4 million)
Project IRR of 22%

PROJECT UPSIDE

Potential for Reserve addition via conversion from Global Resource
Potential for Resource addition in known mineralised areas
Exploration of known targets in project area
Vanadium production from leach solution
3 Mlb U3O8 pa expansion case potential
Optimisation of reagent use
Optimisation of beneficiation in production to increase throughput
Production optimisation of current Reserve Estimation

IMPLEMENTATION

Fully Permitted for development[1]
Exploitation Licence granted
Environment Approval granted

1 Minor operating permits will be required.

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Competitive uranium off-take contract in place
Export Credit Agency Finance achieving a very promising response
Mincore Engineering acted as overall Project Engineer
Simulus Engineering performed Leach Plant Engineering
Adelaide Control Engineering (ACE) - U3O8 recovery and packaging

PEER COMPARISON

Tiris has one of the lowest uranium development capital costs of the current uranium projects
Robust capital development estimate with 85% of cost estimated from direct supplier quotes
Development capital cost very competitive versus LOM capital cost for in-situ leach projects with repeat development capital
Low development cost enables rapid development relative to peers
Tiris’ AISC is among the lowest in the world
Many peer companies quote Pre-Tax project financials

Aura Energy Limited (AEE; ASX, AURA; AIM) (“Aura”, the Company ”) is pleased to advise that the Tiris Uranium Definitive Feasibility Study (DFS) capital update has been completed (ASX Release: Capital Estimate Update - Zero Emission Tiris Uranium Project, 18 August 2021) and

has confirmed the Tiris Uranium Project as a low capital cost development opportunity.

Since completion of the DFS in 2019, global economic conditions have changed, with increases in steel, freight and other project development costs. Subsequently, Aura has updated the estimated capital costs for the DFS, to ensure that in the two years since completion, the input costs along with currency assumptions remain valid.

Aura Energy, Managing Director and CEO, Peter Reeve, commented: “With the updated capital estimate recently completed for the zero emission Tiris Uranium Project, we are pleased to present the updated Definitive Feasibility Study. Tiris remains as a highly robust uranium project, which the company aims to capitalise on as the uranium market continues to recover. With the DFS now updated with 2021 capital figures, Aura is well positioned to continue its discussions with global financiers in relation to both debt and equity funding arrangements. We now look forward to fast tracking Tiris into production, as the world shifts towards a decarbonised energy system.”

“In the current uranium market environment, a key attribute of any uranium development project is the capital cost of development. Aura has strived through the entire DFS to maintain this cost at the lowest level possible whilst retaining a robust development design. With the $US74.8 million capital defined, with 85% of the capital estimate from supplier

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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quotes, Aura now stands among its peers as having one of the lowest, if not the lowest, all in life of mine capital of any of the currently proposed uranium development projects”.

“A number of very good in-situ leach projects state low upfront capital, however, the ‘repeat development capital’ required in many of these projects in their early years needs to be considered as development capital. Aura in many instances competes very well with these projects”.

“The capital figure is exceptionally important as in tough markets it can impact upon the investability of the project and Tiris’ small footprint and low capital cost makes this project poised for quick development when financing can be achieved. Aura has spoken of the ‘building blocks to cashflow’ and the completion of the DFS sets another of those building blocks in place and puts Aura on a path for producer status and cashflow.”

“Additionally, the All-In Sustaining Cash Cost of $US29.81/lb U3O8 is extremely competitive when compared to our uranium development peers. The benefits of shallow mining and the beneficiation stage in the process, which leads to a small project footprint, have shown to being positive for the projects operating cost”.

Capital Cost

The updated Tiris Project capital cost is US$74.8 million.

Engineering company, Mincore, provided the updated capital cost estimate for the Tiris Project as specified in ASX Release: Capital Estimate Update - Zero Emission Tiris Uranium Project, 18 August 2021. This includes the scope of facilities and services required to design, purchase and construct the entire project, up to practical completion and handover to operations.

Table 1: Tiris Project Capital Cost Summary

Description	Cost(U$M)
Mining (contract miningassumed)	0.00
Process Plant	$45.10
Infrastructure	$8.58
EPCM	$6.57
Owner's cost	$3.00
Contingency	$4.92
Total Capital Cost	$74.80

An exhaustive in-country engineering review was conducted including all infrastructure needs, particularly the road infrastructure to site. Of the 680 km road from Zouerate to Tiris, only 2km will require substantial roadworks.

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Significantly, 85% of the capital cost for the Tiris Project has been sourced from direct supplier quotes . As a result of this thorough estimating approach, Aura is confident that the capital cost estimate for Tiris Uranium Project is robust.

No direct mining capital costs are outlined as infrastructure to support the mining operations is included in the infrastructure numbers, and there is no pre-strip required and mining costs are based direct supplier quotes from a number of mining contractors with all mobile equipment costs all included in the operating cost estimation received.

Operating Cost

The operating cost estimate is summarised in the table below.

Table 2: Tiris Project Operating Cost Summary

Category	US$/lb U3O8
Contract Mining	7.16
Labour	3.68
Power	4.57
Reagents	3.95
Maintenance	2.28
G&A	3.80
Total cash cost(C1)	25.43
All In SustainingCost(AISC)	29.81

The C1 cash cost will be US$25.43/lb U3O8.

The All-In Sustaining Cost (AISC) will be US$29.81/lb U3O8.

The AISC is inclusive of royalties, Life of Mine (LOM) sustaining capital, insurances and product transport. These costs have been estimated as an average of annualised expenditure.

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Project Outcomes Summary

Table 3: Project Outcomes Summary

	KeyMetric	DFS
Resource	Life of Mine (LOM)	15 Years
	Beneficiation Plant ore throughput (Design)	1.25 Mtpa
	Process Plant ore throughput	0.16 Mtpa
	ROM uraniumgrade (LOM)	364ppm U3O8
Production	Uranium Metallurgical Recovery	86.1%
	Average Annual uraniumproduction	823,000 lb U3O8
	LOM uraniumproduction	12.35 Mlb U3O8

Financial Outcomes Summary

Table 4: Financial Outcomes Summary

	Key Metric	US$	A$
Capital	Process, plant, infrastructure, indirects	70.1 M	100.1 M
	Contingency	4.7 M	6.8 M
	Total Capital	74.8 M	106.9 M
Operations	Exchange rate (USD:AUD)	0.70
	C1 Cash operatingcost ($/lb U3O8)	25.43	36.33
	AISC operatingcost ($/lb U3O8)	29.81	42.56
Project Financials	Assumed price (baseline) ($/lb U3O8)	60	86
	Project NPV8(incl Royalties and tax)	79.9 M	114 M
	Project IRR (incl Royalties and tax)	22%
	Cashflow – Total (after-tax)	214 M	305 M
	Cashflow – Annual (after-tax)	17.1 M pa	24.4 M pa
	Project NPV8 (incl Royalties,pre-tax)	106 M	151 M
	Project Cashflow – Total (pre-tax)	275 M	393 M
	Project Cashflow – Annual (pre-tax)	24.5 Mpa	33 Mpa
	Projectpayback from start-up	4years

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Uranium Price Sensitivity

The table below outlines the project financials at both US$60/lb U3O8 and US$50/lb U3O8.

Table 5: Project Financials

Item	Uranium Price	Uranium Price
	US$60/lb U3O8	US$50/lb U3O8

Project cashflow total (pre-tax)	US$275 M A$393 M	US$169 M A$241 M

Project cashflow – per annum (pre-tax)	US$24.5 M A$33.4 M	US$17.4 M A$24.9 M

Project cashflow total (after-tax)	US$214 M A$305 M	US$132 M A$189 M

Project cashflow – per annum (after-tax)	US$18.6 M A$27.4 M	US$13.4 M A$19.4 M

NPV8(including royalties, pre-tax)	US$106 M A$151 M	US$56 M A$80 M

NPV8(including royalties, after-tax)	US$79.9 M A$114 M	US$36 M A$51.4 M

Water

Of four water sourcing options identified by hydrological consultants, Aura’s water search and development activities have focussed on the closest source, the Oued El Foule Depression, an extensive drainage system, the central axis of which is less than 20 km from the Tiris plant site.

Aura has undertaken a significant program of water study and review which identified a number of major structures likely to host water and included a program of ground geophysics over 24 structural targets within 50 km of the proposed plant. 15 of the most promising targets have been selected for drilling and testing is underway.

On one of these structures identified by Aura, drilling successfully located water in two bores. Of four holes drilled in the area, two successfully located good volumes of water, with one producing 15,000 litres per hour. The 50% strike rate in drilling bodes well for the location of additional water sources in the same geology and indicates a strong likelihood that the current drilling program will locate additional water supply for the relatively low water requirement of the Tiris Project.

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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The water testing and development program will continue for a period of time beyond the completion of the DFS and during construction.

Reserve Estimate

The Ore Reserve estimate was generated by Mining Plus. The overall project financial model was prepared by Aura using inputs from the mining schedule physicals and the cost model. Detailed processing, tailings disposal, power, water, camp infrastructure and logistics, and other costs were also developed as part of the Feasibility Study. Mining Plus reviewed the cash flow model with Aura to ensure that the project has a positive cash flow outcome, and this has been confirmed.

The declared Ore Reserve, at a 175 ppm U3O8 cut off is shown in Error! Reference source not found. 6.

Table 6: Ore Reserve

Description	Mt	U3O8(ppm)	U3O8(Mlb)
	Lazare North
Proved	0.7	354	0.6
Probable	4.4	332	3.2
	Lazare South
Proved	1.5	342	1.1
Probable	0.7	340	0.5
	Hippolyte
Proved	1.9	331	1.4
Probable	1.7	334	1.3
	Total
Proved	4.1	339	3.1
Probable	6.8	333	5.0
Total	10.9	336	8.1

The Ore Reserve was generated from the Mineral Resource Estimate produced by H&S Consultants (Sydney) with the appropriate modifying factors to apply for mining dilution. This Resource model was used in an open pit optimisation process to produce a range of pit areas using operating costs and other inputs derived from previous studies. Mining costs were built up from estimates derived from equipment supplier and mining contractor submissions and applied to a detailed mine schedule.

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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The Ore Reserve is based on information complied by the following:

Revenue prices, based on historical averages and forward estimates, based on Offtake Agreement with Curzon Resources provided by Aura.
Processing recoveries based on the geometallurgical model developed by Aura.
Mineral Resource estimate, H&S Consultants, 1May 2018.
Pit optimisation and mine design completed by Mining Plus.
Capital costs, Mining Plus, Mincore, Simulus Engineers, Adelaide Control Engineers (ACE) and Aura.
Operating costs, Mining Plus, Mincore, Simulus Engineers, ACE and Aura.

Vanadium Potential

Vanadium occurs with uranium in carnotite, the host mineral for uranium in the Tiris Project as potassium uranium vanadate (K2(UO2)2(VO4)2·3H2O). Vanadium hosted with carnotite is leached alongside uranium in the Tiris extraction circuit. Aura has conducted preliminary evaluation on the feasibility of vanadium recovery from solution. The Tiris project value, which is driven by low operating and development capital costs, would benefit further with vanadium recovery which is considered technically achievable.

Vanadium occurs in the Tiris ore at a grade of 330 ppm V2O5[2] , a similar concentration to that of U3O8. Approximately half of this vanadium occurs within the uranium host mineral carnotite

Uranium Market

Aura continues to monitor the uranium market with the assistance of its advisors.

Aura has long maintained that the return to the Long-Term Contracting market by utilities will be a key driver in sentiment for uranium and strongly impact the uranium price. Our UK based advisors note an increasing focus from utilities on the low level of contract coverage in both 2021 and 2022. There is potential for near term improved market conditions should this level of contracting be increased.

Comparison with 2019 Definitive Feasibility Study

In 2019 Aura released a Definitive Feasibility Study on the Tiris Uranium Project. In general, the results of the DFS remain unchanged and the current update reflects the price inflation between 2019 and 2021. In this time significant global economic upheaval due to the COVID19 pandemic has occurred and Aura determined that it was relevant to fully understand the potential impact of these changed conditions on project implementation.

The comparison of the 2021 DFS Capital cost estimate with the 2019 DFS showed an increase of 19% on a USD basis. This is a good result given it remains within both the estimate accuracy levels and base sensitivity levels used in project evaluation.

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Table 7: Comparison of DFS 2019 and 2021 CAPEX estimate.

Description	DFS	DFS update	Variation
	2019	2021

	US$/M	US$/M	%

Mining	0.00	0.00	0.00
Process Plant	26.3	39.1	39%
Infrastructure	18.9	17.6	-7%
EPCM	4.45	4.9	10%
Owner's cost	8.2	9.9	21%
Contingency	4.30	4.8	11%
Total Capital Cost	62.94	74.8	19%

Cautionary Statement

This report may contain some references to forecasts, estimates, assumptions and other forwardlooking statements. Although Aura believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that they will be achieved.

They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein.

This ASX Release was authorised by the Aura Energy Board of Directors.

For further information, please contact:

Peter Reeve Managing Director & CEO Aura Energy Limited [email protected]		Jane Morgan JMM Investor & Media Relations [email protected] +61 405 555 618

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Appendix Glossary of terms

Set out below are key terms referred to in the ASX announcement for the Resource Estimate

Carnotite is a hydrated uranium, vanadium and potassium oxide with the mineral formula K2(UO2)2(VO4)2·3H2O and approximately 53% of carnotite by weight is uranium. Competent Person is a minerals industry professional who is a Member or Fellow of The Australasian Institute of Mining and Metallurgy, or of the Australian Institute of Geoscientists or of a Recognised Professional Organisation, as included in a list on the JORC and ASX websites. A Competent Person must have a minimum of five years relevant experience in the style of mineralisation or type of deposit under consideration and in the activity which that person is undertaking;

Cut-off grade the lowest grade, or quality, of mineralised material that qualifies at economically mineable and available in a given deposit;
Gamma logging a method of estimating uranium concentration in a drill hole by measuring radioactivity emitted by the mineralisation
Grade any physical or chemical measurement of the characteristics of the material of interest in samples or product;
g/t grams per tonne (where 1 gram per tonne = 1 ppm)
Indicated Resource is that part of a Mineral resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence and detail to support mine planning and evaluation of economic viability of the deposit.

Geological evidence is derived from adequately detailed and reliable exploration, sampling and

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testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes and is sufficient to assume geological and grade (or quality) continuity between points of observation where data and samples are gathered;

Inferred Resource

that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes;

JORC

the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves, as published by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia;

JORC 2012 the 2012 edition of the JORC Code

LBS

pounds (where 2.2046 pounds = 1 kilogram)

Measured Resource is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated

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drill holes and is sufficient to confirm geological and grade (or quality) continuity between points of observation where data and samples are gathered;

Mineral Resource

Mlb

pmm

Radioactive equilibrium

a concentration or occurrence of material of economic interest in or on the earth’s crust in such form and quantity that there are reasonable and realistic prospects for eventual economic extraction. The location, quantity, grade, continuity and other geological characteristics of a Mineral Resource are known, estimated from specific geological evidence and knowledge, or interpreted from a well-constrained and portrayed geological model;

million pounds avoirdupois ;

Million tonnes;

parts per million by weight;

is the condition in which a radioactive substance and its radioactive decay products have attained such proportions that they all disintegrate at the same numerical rate and therefore maintain constant proportions. In geologically young uranium deposits, radioactive decay products may not have

attained equilibrium concentrations.

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In this situation gamma radiation used to measure uranium concentration, which is emitted principally by the radioactive daughter products rather than by uranium itself, will underestimate uranium concentration;

U3O8

uranium oxide.

Competent Persons

The Competent Person for the information in this report that relates to Tiris Mineral Reserves is based on information compiled and reviewed by Mr Andrew Hutson, a Competent Person who is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM) and a full-time employee of Mining Plus Pty Ltd. Mr Hutson has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Mr Hutson has no economic, financial or pecuniary interest in the company and consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The Competent Person for drill hole data and for aggregating the 2018 and 2011 resource estimates is Mr Neil Clifford. The information in the report to which this statement is attached that relates to drill hole data and to aggregation of the resource estimates is based on information compiled by Mr Neil Clifford. Mr Clifford has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking. This qualifies Mr Clifford as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Clifford is an independent consultant to Aura Energy. Mr Clifford is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Clifford consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Competent Person for the Tiris Metallurgical Testwork is Dr Will Goodall. The information in the report to which this statement is attached that relates to the testwork is based on information compiled by Dr Will Goodall. Dr Goodall has sufficient experience that is relevant to the testwork program and to the activity which he is undertaking. This qualifies Dr Goodall as a Competent Personas defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Goodall is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM). Dr Goodall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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1.1 Section 4 Estimation and Reporting of Ore Reserves

(Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Description of the Mineral Resource	• The Lazare and Hippolyte Mineral Resource
Resource	estimate used as a basis for the	was provided to the ASX 30thApril 2018 for
estimate for	conversion to an Ore Reserve.	the Tiri Project and forms the basis of this
conversion to	• Clear statement as to whether the	Ore Reserve. The Mineral Resource update
Ore Reserves	Mineral Resources are reported	was reported in accordance with the
	additional to, or inclusive of, the Ore	Australasian Code for Reporting of
	Reserves.	Exploration Results, Mineral Resources and
		Ore Reserves, (JORC Code 2012) and
		validated by H&S Consultants Pty Ltd.
		• The Mineral Resources are inclusive of the
		Ore Reserves.
Site visits	• Comment on any site visits undertaken	• Andrew Hutson of Mining Plus (Competent
	by the Competent Person and the	Person) has not visited the site. Due to the
	outcome of those visits.	small scale of the project, the low complexity
	• If no site visits have been undertaken	of mining and the time required to visit the
	indicate why this is the case.	site within the timeframe of the project a site
		visit was not warranted.
		• Andrew Hutson as worked for a number of
		uranium mining operations including one of
		similar mineralogy, mining and processing
		methodologies.
Study status	• The type and level of study undertaken	• The Ore Reserve estimate was based on the
	to enable Mineral Resources to be	Feasibility Study (FS) for the Tiris Project on
	converted to Ore Reserves.	data built from the PFS and updated from
	• The Code requires that a study to at	the Definitive Feasibility Study (DFS) due for
	least Pre-Feasibility Study level has	completion in the July 2019.
	been undertaken to convert Mineral	• Financial modelling completed to support
	Resources to Ore Reserves. Such studies	this Ore Reserve estimate is based on the FS
	will have been carried out and will have	and this modelling shows that the Ore
	determined a mine plan that is	Reserve is economically viable at U3O8
	technically achievable and	metal prices supported by consensus long
	economically viable, and that material	term contract uranium price scenarios in the
	Modifying Factors have been	range of US$40-50/lb U3O8.
	considered.

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Criteria	JORC Code explanation	Commentary
Cut-off	• The basis of the cut-off grade(s) or	• The cut off grade used to determine ore
parameters	quality parameters applied.	tonnes is 175 ppm U3O8
Mining	• The method and assumptions used as	• Aura Energy proposes to use conventional
factors or	reported in the Pre-Feasibility or	mining methods employing backhoe
assumptions	Feasibility Study to convert the Mineral	excavators and dump trucks to expose and
	Resource to an Ore Reserve (i.e. either	recover the ore. The mining method
	by application of appropriate factors	proposed is utilised world wide and is low
	by optimisation or by preliminary or	risk. No drilling and blasting of the ore over
	detailed design).	overlying materials is planned due to the
	• The choice, nature and	unconsolidated nature of the materials.
	appropriateness of the selected mining	• Due to the shallow nature (<5m) and the
	method(s) and other mining	short time which the mining voids are open
	parameters including associated design	before backfilling no pit slope geotechnical
	issues such as pre-strip, access, etc.	work was required.
	• The assumptions made regarding	• Only Proved and Probable Ore Reserves are
	geotechnical parameters (eg pit slopes,	used as ore within the mine production
	stope sizes, etc), grade control and pre-	schedule and financial modelling. Inferred
	production drilling.	Mineral Resource for the purpose of the Ore
	• The major assumptions made and	Reserve estimate is treated as waste which
	Mineral Resource model used for pit	has been economically carried by the Ore.
	and stope optimisation (if appropriate).	• The mine production schedule assumes
	• The mining dilution factors used.	effective operation of the mining fleet and is
	• The mining recovery factors used.	based on realistic utilisation estimates
	• Any minimum mining widths used.	• The geological block models used as basis
	• The manner in which Inferred Mineral	for Ore Reserve are MIK recoverable
	Resources are utilised in mining studies	resource models and as such no additional
	and the sensitivity of the outcome to	mining dilution or recovery factors have
	their inclusion.	been added
	• The infrastructure requirements of the	• Pit optimisations were carried out using
	selected mining methods.	Daussalt Whittle software. Whittle was also
		used to analyse the sensitivity of the
		resource models over variations of -30% to
		+ 30% to the following parameters in order
		to define the effects on project ore tonnage,
		total tonnes mined, contained metal and
		undiscounted cash flow;
		`o` Mining cost
		`o` Uranium price
		`o` Processing cost
		`o` Plant recovery

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Criteria		JORC Code explanation			Commentary	Commentary	Commentary
Metallurgical		• The metallurgical process proposed and			• The	metallurgical process proposed is
factors	or	the appropriateness of that		process to	conventional beneficiation with heated
assumptions		the style of mineralisation.			alkaline		uranium leach and ion exchange.
		• Whether the metallurgical		process is	• All	metallurgical processes proposed are
		well-tested technology or		novel in	well tested			technology and appropriate for
		nature.			the	styles of mineralisation.
		• The nature, amount and			• Extensive metallurgical test work has been
		representativeness of metallurgical test			undertaken			and included:
		work undertaken, the nature of the					`o`	Material characterisation
		metallurgical domaining	applied and					mineralogy (ANSTO Minerals)
		the corresponding	metallurgical				`o`	Geometallurgical testing
		recovery factors applied.					`o`	Scrubbing tests (AMML)
		• Any assumptions or allowances made					`o`	Screening and beneficiation
		for deleterious elements.						tests (AMML)
		• The existence of any bulk sample or pilot					`o`	Diagnostic leaching (ANSTO
		scale test work and the degree to which						Minerals)
		such samples are		considered			`o`	Rheological characterisation of
		representative of the orebody as a						leach feed and post-leach
		whole.						slurries. (Rheological Consulting
		• For minerals that are defined by a						Services)
		specification, has the	ore reserve				`o`	Ion exchange test work and
		estimation been based		on the				modelling (ANSTO Minerals)
		appropriate mineralogy	to	meet the			`o`	Sodium Diuranate (SDU)
		specifications?						precipitation and dissolution.
								(ANSTO Minerals)
							`o`	UOC precipitation and product
								characterisation (ANSTO
								Minerals)
							`o`	Rotary scrubbing and Derrick
								screening pilot study. (Mintek,
								South Africa)
							`o`	Steady state simuluation (ANSTO
								Minerals, Aura Energy, Simulus)
					•	Metallurgical domaining was defined
						based on two geometallurgical studies
						on	spatially representative trench
						samples from the Hippolyte, Lazare
						North		and Lazare South Resources.
						Geometallurgical domains were define

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Criteria	JORC Code explanation	Commentary	Commentary
			based on uranium upgrade factor at
			target screen cut size of 150um and
			Sulphate mineral rejection factor.
		•	Uranium recovery between 84.6% and
			86.6% was achieved, dependent on
			geometallurgical domain.
		•	Deleterious minerals were identified as
			gypsum (CaSO4.2H2O) and Celestine
			(SrSO4). These minerals were
			monitored in geometallurgical
			domaining and included in domain
			definition parameters to manage
			impact on process. Clay minerals were
			also identified as potentially
			deleterious and monitored through
			inclusion of particle size distribution
			definitions in geometallurgical
			domaining. Results of metallurgical
			test work were undertaken in a staged
			approach with a focus on assessment
			of process variability. Bulk bench scale
			assessment of beneficiation and
			leaching was undertaken on 120-
			150kg composite samples
			representative of geometallurgical
			domains scheduled for the first 6 years
			of operation. undertaken in a staged
			approach with a focus on assessment
			of process variability. Bulk bench scale
			assessment of beneficiation and
			leaching was undertaken on 120-
			150kg composite samples
			representative of geometallurgical
			domains scheduled for the first 6 years
			of operation... The geometallurgical
			domain composite samples on which
			these metallurgical results are based is
			from Aura’s trench sampling program
			completed in 2018

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Criteria	JORC Code explanation	Commentary
		across the Lazare North and Lazare
		South Resources. (ASX release:
		Quarterly report June 2018 and
		Appendix 5B, 31stJuly 2018). Trench
		locations were selected to correspond
		to diamond drill (DD) locations from
		2017 drilling program (ASX Release:
		Tiris Resource upgrade success, 30
		April 2018) as reported in ASX release:
		Quarterly report June 2018 and
		Appendix 5B, 31stJuly 2018. A total of
		11 trenches were excavated (8 Lazare
		South and 3 Lazare North) to a depth
		of 4m. Trenches were oriented west to
		east and sampling was undertaken by
		channel sampling of north and south
		walls at 0.5m depth intervals. Interval
		samples were not split on site. Trench
		interval samples were split at Aura
		Energy’s Nouakchott laboratory by
		rotary splitter divider (RSD). A
		minimum 2kg sub sample was
		collected for assay, a 1kg sub sample
		was collected for geometallurgical test
		work, a 2kg sample was collected for
		reference and the remainder was
		stored as inputs for bulk metallurgical
		composite preparation. Given the
		fine-grained nature of the uranium
		minerals these sample sizes are
		appropriate. Sub samples for assay
		were sent to ALS Minerals, Nouakchott
		where they were crushed by jaw
		crusher to -12mm and 1kg was riffle
		split for pulverising to +85% passing 75
		microns. An c. 100g split was bagged
		and sent for analysis by pressed pellet
		XRF.

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Criteria	JORC Code explanation	Commentary
		Previous analysis comparing different
		analytical methods (XRF, ICP, DNC) had
		indicated that XRF is an accurate
		method on this material, if an x-ray
		band is selected for measurement that
		is not affected by the presence of
		strontium, and this was done. This
		method will measure total uranium. A
		sub-split of assay samples was
		prepared by ALS Laboratories
		Nouakchott by Method Prep 22 (Crush
		to 70% less than 6mm, pulverize entire
		sample to better than 85% passing 75
		microns). An c. 100g sample of pulp
		was split off using mini-riffle splitter,
		placed in sample envelope and
		forwarded by air to ALS in Ireland for
		uranium analysis by ALS Method U-
		MS62 (U by ICP-MS after 4 acid
		digestion). 4 acid digestion provides
		near total extraction. Geometallurgical
		samples for each interval were
		screened at 1mm, 300µm, 150µm and
		75µm and fractions weighed and
		assayed by portable XRF. A split of the
		-75µm fraction for each interval was
		collected by RSD and sent to ALS
		Minerals for uranium analysis by ALS
		Method U-MS62 (U by ICP-MS after 4
		acid digestion). 4 acid digestion
		provides near total extraction. The
		results of assay and geometallurgical
		analysis were analysed to define
		process behaviour based
		geometallurgical domains. Three
		domains were identified (2 x Lazare
		South and 1 x Lazare North).

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Criteria	JORC Code explanation	JORC Code explanation	JORC Code explanation			Commentary	Commentary
						•	These formed the basis for generation
							of bulk composite samples for
							metallurgical test work. Interval
							samples were sent to Australian MinMet
							Metallurgical Laboratories (AMML),
							Gosford, Australia where they were
							combined based on composite
							definitions and mixed by rolling barrel.
							Composited samples were assayed by
							Direct Neutron Activation and pressed
							pellet XRF by Australian Nuclear Science
							and Technology Organisation (ANSTO
							Minerals), Lucas Heights, Australia.
							Composite sample head assays were
							well reconciled with weighted average
							grade calculated from input interval
							samples.
						•	Aura’s UOC product complies with ASTM
							standards for commercial sale to
							uranium converters. Analysis of the
							UOC falls within sales specifications
							provided by the major uranium
							conversion facilities. Therefore, no
							allowance is made for deleterious
							elements.
Environmental	• The status	of studies of		potential		• The	major studies incorporated by the
	environmental		impacts	of	the	Environmental Impact Study (EIA) and
	mining and processing operation.					Environmental Impact Report (RIMA)
	Details	of	waste		rock	included the following:
	characterisation		and		the		`o` Archaeology and Cultural
	consideration of potential				sites,		Heritage
	status of design		options considered				`o` Ecology and Biodiversity
	and, where	applicable, the		status of			`o` Meteorology, Air Quality, Noise
	approvals	for	process	residue			and Vibration
	storage and waste dumps should be						`o` Radiation Impact Assessment
	reported.						`o` Socio-economic, Health,
							Transport and Security
							`o` Hydrology, Hydrogeology and
							Water

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Criteria	JORC Code explanation	Commentary	Commentary
			Waste rock, beneficiation reject, and
			process plant tailings are inert and will
			disposed of in mined out pits. The final
			location for all waste products is
			backfilled into the mining voids,
			however some stockpiling will be
			required until pit voids become
			available. It is planned that the process
			plant tailings will be preferentially
			placed into the mining voids followed
			by the coarser screening plant rejects
			and finally the mine waste and
			overburden. The processing plant
			tailings are a filtered product at a 63%
			solids density and will be transported
			from the plant to the mine by truck at
			an average rate of 20 dry tonnes per
			hour.
		•	The ESIA has been approved by the
			Mauritanian government and
			exploitation licence has been granted
			(ASX release: 5thOctober 2017)

Criteria	JORC Code explanation	Commentary	Commentary
Infrastructure	The existence of appropriate	•	The Tiris site is a remote site located
	infrastructure: availability of land for		700km from the closest settlement of
	plant development, power, water,		Zouerate and 1400km from the
	transportation (particularly for bulk		Mauritanian Capital, Nouakchott.
	commodities), labour, accommodation; or the ease with which the infrastructure can be provided, or accessed.	•	Access to all land required as been granted as part of the Exploitation Licence (ASX release: TIRIS URANIUM
			PROJECT EXPLOITATION LICENCE
			GRANTED, 18/12/2018).
		•	Transportation will be by access road to
			Zouerate, maintained by the operation.
			A uranium transportplan has been

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Criteria	JORC Code explanation	Commentary	Commentary
			developed for safe transport of uranium
			product based on IAEA guidelines.
		•	Power will be supplied by series of
			diesel generator power plants at key
			process sites. The power supply for the
			main processing plant and camp will be
			supplemented by 50% solar generation
			capacity.
		•	Water will be sourced and pumped from
			remote bores and pumping station
			within a 30km radius of the main
			processing facility.
		•	A camp for accommodation of up to 120
			personnel will be provided at the
			operation.
Costs	• The derivation of, or assumptions	•	The mine, process plant and
	made, regarding projected capital		infrastructure capital cost estimate for a
	costs in the study.		1.25Mtpa operation was prepared by
	• The methodology used to estimate		MinCore Engineers from information
	operating costs.		developed in-house by Aura Energy.
	• Allowances made for the content of		The basic key information package
	deleterious elements.		provided by Aura included block
	• The source of exchange rates used in		Process Flow Diagrams (PFDs) as well as
	the study.		key Design Criteria to allow an

Criteria	JORC Code explanation	Commentary
	• Derivation of transportation charges.	extension of the design by others.
	• The basis for forecasting or source of	Based upon this package of
	treatment and refining charges,	information, external consultants were
	penalties for failure to meet	employed to further develop sufficient
	specification, etc.	engineering to allow preparation of
	• The allowances made for royalties	scope of work, lists, datasheets
	payable, both Government and private.	specifications and bill of quantities
		relevant to the scope. Much of the
		engineering and the preparation of the
		capital cost estimate was performed by
		Mincore Pty Ltd. The scope for the
		facilities also consists of two specialised

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Criteria	JORC Code explanation	Commentary	Commentary
			plant areas and these were separately
			engineered for both quantities and
			prices.
			`o` Fluid Bed Precipitation, Calcining
			and Drum Packing Plant
			developed by Adelaide Control
			Engineering.
			`o` Leach and Uranium Recovery
			plant developed by Simulus
			Engineers.
		•	Cost estimate was prepared for the
			Feasibility Study and the cost estimate
			is compliant to Australasian Institute of
			Mining & Metallurgy (AusIMM) Class 3
			estimate with an accuracy -15% to
			+20%. Capital costs included the
			process facilities, site infrastructure,
			utilities and support facilities and a
			contingency and for the DFS totalled
			USD74.8M
		•	DFS operating costs for mining,
			treatment and G&A were derived from
			first principles by MiningPlus
			Consultants (mining), Simulus
			Engineers, Adelaide Control
			Engineering and Aura Energy
			(treatment and services) and Aura
			Energy (G&A), with input in all areas

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Criteria	JORC Code explanation	Commentary	Commentary
			from MinCore Engineers. For the DFS
			the average mining cost was estimated
			at ($3.45/t) and the average mill
			throughput cost (processing plus G&A)
			was US$15.51/t milled.
		•	As the revenue from uranium sales is
			effectively received in US$ exchange
			rates for the Mauritanian Ouguiya and
			to a much lesser extent other
			currencies have been used at the
			prevailing public mid-rate when costs
			have been estimated.
		•	Transportation and local freight costs
			have been provided by international
			and local suppliers as part of the
			estimation of capital and operating
			costs and are well established for
			projects in Mauritania.
		•	The royalty paid to the Mauritanian
			government will be 3.5% of net sales
			revenue at uranium price up to
			US$42/lb U3O8and 4.9% of net sales
			revenue at uranium price greater than
			US$42/lb U3O8.

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Criteria JORC Code explanation Commentary Revenue • The derivation of, or assumptions made • A financial model for the Tiris Uranium factors regarding revenue factors including Project has been developed by Aura head grade, metal or commodity Energy for the DFS. price(s) exchange rates, transportation • The quantity of ore and head grade
and treatment charges, penalties, net delivered to the mill each year is
smelter returns, etc. estimated using the optimised block
• The derivation of assumptions made of model over the life-of-mine.
metal or commodity price(s), for the • Metallurgical recoveries are then
principal metals, minerals and co- applied to the mine schedule to
products. calculate final yearly production volumes.
• Fixed and variable unit costs for mining on an A$/t waste or ore and A$/t ROM for processing have been applied to generate the annual operating cost for the Project.
• Uranium price is based on the long term consensus incentive price to stimulate development of new uranium projects sufficient to meet a range of market demand forecasts.
• Revenues for Ore Reserve calculations have been based on the US$ uranium price (per pound U3O8) from offtake agreement signed with Curzon Resources. This provides an average price of US$44/lb U3O8 for 30% of annual production over 7 years. (ASX Release:

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Commentaryy

Criteria JORC Code explanation Commentaryy • • The demand, supply and stock situation The uranium market is currently in a surplus for the particular commodity, position largely as a result of strong low cost consumption trends and factors likely to production growth from Kazakhstan affect supply and demand into the coupled with the significant global demand future. shock following the Fukushima reactor
• incident in March 2011.
A customer and competitor analysis incident in March 2011. •
along with the identification of likely A significant future increase in nuclear market windows for the product. generation capacity is expected to be driven
• Price and volume forecasts and the by China with production targets for an basis for these forecasts. increase from current operational capacity
• For industrial minerals the customer (22GW) to 58GW by 2020 with a further specification, testing and acceptance >30GW under construction at that time. The requirements prior to a supply contract. increase in Chinese capacity is consistent with growing Chinese energy demand and a recently stated emissions target for 20% of energy to be generated from non-fossil fuel sources by 2030 from 9.8% in 2013.
- The increase in nuclear generation capacity will require a significant increase in uranium mine production. Under current uranium prices (spot US$31/lb and term US$38/lb) there is a lack of identifiable projects with the returns sufficient to justify new mine investment. As such, post the ramp up of Cigar Lake and Husab there is minimal new production growth expected in primary mine supply. Leading industry participants are highlighting around US$65/lb as a potential floor price for development of their higher quality projects in more stable jurisdictions.

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

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Criteria	JORC Code explanation	Commentary	Commentary
Economic	• The inputs to the economic analysis to	•	Aura Energy performed an economic
	produce the net present value (NPV) in		and financial review of the Tiris Uranium
	the study, the source and confidence of		Project using a range of uranium price
	these economic inputs including		scenarios and spot base metal prices as
	estimated inflation, discount rate, etc.		described above. A discounted cash
	• NPV ranges and sensitivity to variations in the significant assumptions and inputs.	•	flow model has been developed with a valuation date of June 2019. NPV8range from US$36M at sales price
			of US$50/lb U3O8to US$102M at sales
			price of US$65/lb U3O8
Social	• The status of agreements with key	•	The Tiris Uranium Project Exploration
	stakeholders and matters leading to		and Exploitation licences are located on
	social licence to operate.		unallocated crown land.
		•	No native title claims cover the Tiris
			Uranium Project
			The nearest population centre is
			Zouerate, 700km to the West.
Other	• To the extent relevant, the impact of the	•	Water drilling within a 30km radius of
	following on the project and/or on the		the central process facility is underway.
	estimation and classification of the Ore		Recent water drilling by the Mauritanian
	Reserves:		government was successful 57km from
	• Any identified material naturally occurring risks.		the Tiris Project, resulting in 2 operating bores with flow of 15m3/hr each. There
	• The status of material legal agreements and marketing arrangements. • The status of governmental agreements and approvals critical to the viability of the project, such as mineral tenement	•	are reasonable prospects for Aura to locate water on the same geological structure within the target 30km radius. Project commissioning is targeted for
	status, and government and statutory		2020/21There are very reasonable
	approvals. There must be reasonable		grounds to expect that all necessary
	grounds to expect that all necessary		Government secondary project
	Government approvals will be received		approvals will be received within the
	within the timeframes anticipated in the		timeframes required for
	Pre-Feasibility or Feasibility study.		commencement of construction.

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Criteria		JORC Code explanation	Commentary	Commentary
		Highlight and discuss the materiality of
		any unresolved matter that is dependent
		on a third party on which extraction of
		the reserve is contingent.
Classification		• The basis for the classification of the Ore	•	Ore	Reserves reported here are
		Reserves into varying confidence		classified as both Proved and Probable
		categories.		as they are derived from Measured and
		• Whether the result appropriately reflects		Indicated Mineral Resources in
		the Competent Person’s view of the		accordance with the JORC Code (2012).
		deposit.	•	The results of the Ore Reserve estimate
		• The proportion of Probable Ore		reflect	the Competent Person’s view of
		Reserves that have been derived from		the deposit.
		Measured Mineral Resources (if any).
Audits	or	• The results of any audits or reviews of
reviews		Ore Reserve estimates.
Discussion	of	• Where appropriate a statement of the	•	Reporting of the project Ore Reserve
relative		relative accuracy and confidence level in		considers;
accuracy/		the Ore Reserve estimate using an		`o`	the Mineral Resources
confidence		approach or procedure deemed			compliant with the JORC Code
		appropriate by the Competent Person.			2012 Edition,
		For example, the application of		`o`	the conversion of these
		statistical or geostatistical procedures to			resources into an Ore Reserves,
		quantify the relative accuracy of the			and
		reserve within stated confidence limits,		`o`	the costed mining plan capable
		or, if such an approach is not deemed			of delivering ore from a mine
		appropriate, a qualitative discussion of			production schedule
		the factors which could affect the			Dilution of the Mineral Resource
		relative accuracy and confidence of the			model and an allowance for ore
		estimate.			loss was included in the Ore
		• The statement should specify whether it			Reserve estimate. All the Mineral
		relates to global or local estimates, and,			Resources intersected by the
		if local, state the relevant tonnages,			open pit mine designs classified
		which should be relevant to technical			as Measured and Indicated
		and economic			Resource has been converted to
					Proved and Probable Ore
					Reserves

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JORC Code explanation	Commentary	Commentary
As part of the FS works, the project		estimate. All the Mineral Resources
team have engaged with potential		intersected by the open pit mine designs
contractors in country to confirm		classified as Measured and Indicated
construction, mining and logistics		Resource has been converted to Proved
costs.		and Probable Ore Reserves after
• Accuracy and confidence discussions should extend to specific discussions of any applied Modifying Factors that may have a material impact on Ore Reserve viability, or for which there are remaining areas of uncertainty at the	•	consideration of all mining, metallurgical, social, environmental, statutory and financial aspects of the Project. The mine planning and scheduling assumptions are based on current
current study stage.		industry practice, which are seen as
• It is recognised that this may not be		globally correct at this level of study;
possible or appropriate in all		which further work in the next level of
circumstances. These statements of		study to understand any periodic cost
relative accuracy and confidence of the		fluctuations.
estimate should be compared with	•	The project team has estimated the cost
production data, where available.		estimates and financial evaluation with
		specialist consultants and team
		members, which are considered
		sufficient to support this level of study.
		The accuracy of the cost estimate is +/-
		15%.
	•	As part of the FS works, the project team
		have engaged with potential contractors
		in country to confirm construction,
		mining and logistics costs.

Aura Energy Limited Suite 1, Level 3, 62 Lygon Street Carlton South, VIC 3053

AUGUST 2021

TIRIS URANIUM PROJECT

DEFINITIVE FEASIBILITY STUDY Executive Summary Capital Estimate Update

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PROJECT HIGHLIGHTS

The Tiris Project is a greenfield calcrete uranium project first discovered by Aura Energy in 2008. It represents the first development in a significant new global uranium province in Mauritania with 52Mlbs U3O8 in JORC Resources and considerable exploration upside. The mineralisation is naturally suited to low capital cost development and low operating cost extraction of uranium, presenting an opportunity for near term development of the Project.

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Tiris Project Definitive Feasibility Study

KEY METRICS

	Life of Mine (LOM)	15 Years
	Benefciaton Plant ore throughput—Design	1.25Mtpa
	Process Plant ore through—Design	0.16Mtpa
Resource	ROM uranium grade—LOM	364ppm U3O8

Producton	Uranium Metallurgical Recovery—LOM	86.1%
	Average annual uranium producton	823,000lb U3O8
Producton	LOM uranium producton	12.4Mlb U3O8

Capital	Mining, plant, infrastructure and indirects	US$68.2M
	Contngency	US$6.6M
Capital	Total Capital	US$74.8M

	Exchange Rate (AUD:USD)	0.70
	Uranium cash operatng cost (C1)1	US$25.43 /lb U3O8
Operatons	Uranium AISC operatng cost2	US$29.81 /lb U3O8

	Contract uranium price (baseline)	US$60 /lb U3O8
	Project NPV8(incl Royaltes and tax)	US$79.7M
	Project IRR (incl Royaltes and tax)	22%
	Cashfow—Total3	US$214M
	Cashfow—Annual3	US$19.2M
Project Financials	Project payback from startup	4 years

1 Cash operating costs include all mining, processing, maintenance, administration costs, but exclude royalties

2 All In Sustaining Cost—Includes Sustaining Capital, Royalties, Insurances and Product Transport

3 After tax cashflow

Tiris Project

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Definitive Feasibility Study

TIRIS URANIUM PROJECT MAURITANIA

Tiris Project

Project Highlights	2
Introducton	5
Tenure and Land Access	10
Geology	12
Resources and Reserves	15
Mining	24
Process Facilites	34
Process Test work	45
Infrastructure	51
Environment	57
Project Implementaton Plan	64
Capital Cost Estmate	67
Operatng Cost Estmate	72
Uranium Market	80
Financial Analysis	84
Risk Analysis	87

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Definitive Feasibility Study

INTRODUCTION

Flat lying near-surface mineralization

Low cost mining

Simple Beneficiation

Tiris Project

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Definitive Feasibility Study

PROJECT

HISTORY

The project has several natural attributes which will allow low capital cost development and low operating cost extraction. These attributes are:

1/ FLAT-LYING NEAR SURFACE MINERALIZATION

Typically easy digging, first gravelly sand then moderately compacted gravel

2/ LOW COST MINING

No blasting and minimal overburden

3/ SIMPLE BENEFICIATION

Up to 700% uranium upgrade by simple screening.

4/ VERY SMALL LEACHING CAPACITY

The Tiris Project is a greenfield calcrete uranium project first discovered by Aura Energy in 2008. Located in the Sahara Desert in northeast Mauritania it represents the first major calcrete uranium discovery in the region.

A Scoping Study was completed in 2014. This was updated into a Feasibility Study (FS) document in May 2017, to support an application for exploitation licences. The FS and an extensive Environmental and Social Impact Assessment (ESIA) were submitted on 24th May 2017 to the Mauritanian Ministry of Petroleum, Energy and MInes, and formally approved by the Mauritanian Government on 5th October 2017.

20.2 tph leach throughput, due to beneficiation

5/ HIGH LEACH FEED GRADES

Typically, 1500—2500 ppm U3O8

The 1.25 Mtpa mine and process plant described in this feasibility study has been designed to take full advantage of these unusual characteristics, whilst providing a low capital cost and rapid project development and construction.

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Tiris Project

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Tiris Project

DEFINITIVE FEASIBILITY STUDY

Aura Energy as the client organisation, has authorised the preparation of this feasibility study with major assistance from:

Mincore, an Australian consulting engineering and estimating company with broad African experience.
Simulus, a specialist process consulting engineering company specialising in leaching and Ion Exchange.
Adelaide Control Engineering, a specialist consulting engineering and fabrication company in uranium production and drumming.

This 2019 Feasibility Study incorporates the considerable geological, process and engineering development that has taken place since the 2017 Feasibility Study. This Feasibility Study includes a cost estimate complying with the American Association of Cost Engineers (AACE) Class 3 level, accurate to -15% to +20%.

85% -15% +20% 15 YEARS

BUDGET PRICING

AACE CLASS 3 LEVEL ACCURACY

-15% +20%

LOM

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PROJECT LOCATION

Tiris uranium project located 680km from Zouerat and 1,400km from Nouakchot, Mauritania’s Capital

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Figure 1.1 Project Location

Mauritania is a country with a well-established and sizeable mining industry and a favourable and well-administered Mining Act. The Government is stable, democratic, based on the French civil law system and supportive of foreign investment. It has an established reputation for maintaining stability and security within its borders.

The predominant spoken languages in Mauritania are Hassaniya, Arabic, Pulaar, Soninke, Wolof and French (widely used in the media and among educated classes). Modern Standard Arabic is the official language.

As of 2018, Mauritania had a population of approximately 4.5 million.

Mauritania is nearly 100% Muslim with most inhabitants adhering to the Sunni denomination. The Sufi orders, the Tijaniyah and the Qadiriyyah have great influence in the country.

Mauritania gained its independence from France on 28 November 1960, after 59 years of French colonialism. Mauritania held its first democratic presidential elections in 2007 and again in 2009 after a coup. The outgoing president, Abdel Aziz, held power from 2009 for the regulatory two terms, and gained widespread international and internal support. Abdel Aziz’s Defence Minister has just been elected as the new President in June 2019.

The local population is divided into three main ethnic groups: Bidhan, Haratin, and West Africans.

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Feasibility Study Team

Consultant company name	Consultant functon	Home locaton
Mincore PtyLtd	EngineeringConsultant	Melbourne,Australia
Simulus Group	Leaching/IX Engineeringconsultant	Perth,Australia
Adelaide Control Engineering PtyLtd.	Uranium Processing Engineering con- sultant	Adelaide, Australia
MiningPlus	Miningdesign consultant	Melbourne,Australia
General Studies and Achieve- ments in Africa Sarl(GERA SARL)	Geotechnical consultant	Dakar, Senegal.
PhotoSat	Satellite Surveying	Vancouver, Canada
H&S Consultants Pty Ltd	Resource Estmaton	Sydney, Australia
3D Exploraton Pty Ltd	Grade determinaton by gamma logging	Mt Pleasant, WA, Australia
Poseidon Geophysics(Pty)Ltd	Downholegamma logging	Gabarones,Botswana
Australian Nuclear Science & TechnologyOrganisaton	Metallurgical test work, Steady state simulaton,Uranium disequilibrium	Lucas Heights, NSW, Australia
Australian MinMet Metallurgical Laboratories(AMML)	Metallurgical test work	Gosford, NSW, Australia
Mintek Laboratories	Metallurgical test work	Johannesburg,South Africa
CSIRO Minerals	Mineralogy	Clayton,VIC,Australia
The Universityof SA	Mineralogy	Adelaide,SA,Australia
Pontfex and Associates	Mineralogy	Adelaide,SA,Australia
Actvaton Laboratories Ltd	Uranium determinaton	Ancaster,Ontario,Canada
Geoterra PtyLtd	Hydrogeological consultng	Newtown,NSW,Australia
SES sarl	Watergeophysics	Nouakchot,Mauritania
ALS Global	Chemical analysis	Nouakchot,Mauritania
Wallis Drilling	Air-core drilling	Midvale WA,Australia
Capital Drilling	Diamond Drilling	Mauritus
Earth Systems	Environmental & ESIA Consultants	Melbourne,Australia
METS Engineering	OperatngCost review	Perth,WA,Australia
Golders Associates	Groundwater supplyreview	Perth,WA,Australia

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Definitive Feasibility Study

TENURE AND LAND ACCESS

Fully permitted for development with only minor operations permits required

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The project is 85% owned by Tiris Ressources SA, a subsidiary of Aura Energy Limited (Aura), and 15% owned by the Mauritanian Government through its agency Societe Mauritanienne des Hydrocarbons et de Patrimone Minier (SMH-PH). Aura is an Australian-based resources company listed on the Australian Stock Exchange (ASX) in 2006 and on the London Stock Exchange (AIM) in 2016. Aura’s registered office is located in Windsor, Victoria, Australia.

Table 1.2: Tenement summary

Permit Number	Tenement Name	Area km2
561 B4	Oum Ferkik(applicaton)	38
2492 C4	Oued El Foule	190
2491 C4	Ain Sder	207

The key approvals provided for the Tiris project to date are:-

Mining Exploitaton licences granted for the two Eastern Resource zones at Oued El Foule and Ain Sder on February 8[th] , 2019[1]
Environmental and Social Impact Assessment (ESIA), approved on 5[th] October, 2017[2] .

Once the project go-ahead is given and design is resolved, additional approvals will include:-

Construction permit for any construction work outside Aura’s mining leases.
Water approval permit to draw water.
Road usage permit for any roads to be constructed outside Aura’s mining leases.
Import permit for relief of Customs and import duties on all imported materials.
Re-certification of existing Shield airstrip
Power permit to establish three power generation plants.
Health permit to establish a first aid clinic on site.
Labour permit to approve Aura’s Mauritanisation plan to train local personnel, and replace expatriates.

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Definitive Feasibility Study 1 Refer ASX announcement – 8 Dec 2018: Tiris Uranium Project Exploitation License Granted

1 Refer ASX announcement – 8 Dec 2018: Tiris Uranium Project Exploitation License Granted 2 Refer ASX announcement – 5 Oct 2017: Environmental Approval for Tiris Uranium Project

GEOLOGY

Mineralised gravels and weathered granite occur at surface, or under a very thin (<30cm) veneer of wind-blown sand.

Uranium mineralisation occurs principally as carnotite K2(UO2)2(VO4)2.3H2O.

Carnotite occurs as fine dustings and coatings on granite or granite mineral fragments.

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GEOLOGY

The Tiris resources lie in the north-eastern part of the Reguibat Craton, an Archaean (>2.5 Ga) and Lower Proterozoic (1.6-2.5 Ga) aged complex composed principally of granitoids, meta-sediments and metavolcanics. The resources lie within Proterozoic portions of the craton. This part of the craton generally consists of intrusive and high-grade metamorphic rocks of amphibolite facies grade.

Several small uranium vein deposits were known in the Reguibat Craton from exploration during the 1950’s pointing to the existence of a poorly explored uranium province. Economically significant calcrete-type uranium deposits had not been reported in Mauritania prior to Aura’s discoveries.

Figure 2.1: Regional geology of Mauritania; red dots are Aura uranium resources

LOCAL GEOLOGY

In Aura’s resource zones, the underlying rocks are pre-dominantly granitic and of two main types:

Pale grey medium-grained granite and granodiorite with coarse phenocrysts of plagioclase, generally unfoliated and forming low smooth outcrops. The uranium content is low, typically 1 to 2 ppm
Finer-grained red to pink porphyritic granite, less abundant than the grey granite. This granite typically has higher uranium content in the range 5 to 20 ppm and is therefore a moderately ‘hot’ granite. The red granite is typically fractured and foliated and is believed to have formed by alteration of the grey granites in zones of deformation.

All the resource zones lie beneath very flat land surfaces covered by surficial hamada and thin aeolian sand deposits. These largely cover the basement rocks, which appear only as scattered outcrops.

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MINERALIZATION

The uranium resources lie predominantly within either weathered, partially decomposed red granite or in colluvial gravels developed on or near to red granites. The resources are believed to have developed within shallow depressions or basins, where colluvial material has accumulated in desert sheet wash events.

The mineralised gravels and weathered granite occur at surface, or under a very thin (<30cm) veneer of wind-blown sand. These form laterally continuous, single, thin sheets overlying fresh rock, usually granite. This offers the opportunity for easy, low cost mining and little or no crushing.

The uranium mineralisation occurs principally as carnotite K2(UO2)2(VO4)2.3H2O. The carnotite occurs as fine dustings and coatings on granite or granite mineral fragments, usually mixed with white powdery calcium carbonate. The carnotite grain size is mostly ultrafine micron scale.

This mineralised veneer of relatively unconsolidated material is typically less than 5 metres in thickness, although locally it can occur up to 12 m depth.

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Figure 2.2: Carnotite mineralization in the Tiris Resources

The deposits appear to have formed by near -surface leaching of uranium from the uraniferous red granites by saline groundwaters during the wet Saharan “pluvial” periods. There have been many of these periods over the past 2.5 million years, the most recent ending only 5,900 years ago. Evaporation during the subsequent arid periods caused the precipitation of the uranium vanadates, along with calcium, sodium and strontium carbonates, sulphates and chlorides.

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Tiris Project Definitive Feasibility Study

RESOURCES AND

RESERVES

The Tiris Project has a total Mineral Resource of 51.8Mlb U3O8 being 92Mt at 255ppm U3O8. The Maiden Ore Reserve for the Tiris Project is 8.1Mlb U3O8 being 10.9Mt at 336ppm U3O8.

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RESOURCES

The global resource estimate for the Tiris Uranium Project, at 3 different lower cut-off grades is presented in Table 3.1.

Table 3.1: Global Tiris Resource summary[1, 2 ]

Cut-ofU3O8 ppm	Class	Tonnes (Mt)	U3O8ppm	U3O8(Mlb)
100	Measured	10.2	236	5.3
	Indicated	24.5	218	11.8
	Total M+I	34.7	224	17.1
	Inferred	57.4	274	34.7
	Total Resource	92.1	255	51.8
200	Measured	4.6	355	3.6
	Indicated	9.5	334	7.0
	Total M+I	14.1	341	10.6
	Inferred	36.8	344	27.9
	Total Resource	50.9	345	38.5
300	Measured	2.1	497	2.3
	Indicated	4.0	465	4.1
	Total M+I	6.1	476	6.4
	Inferred	18.0	446	17.7
	Total Resource	24.1	455	24.1

1 The information in this announcement is extracted from ASX announcement entitled “Tiris Resource Upgrade Success” released on 30[th] April 2018 and available to download from asx.com.au ASX:AEE. The Company is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

2 This Tiris Resource Inventory aggregates the 2018 Resource Estimates by H&S Consultants Pty Ltd on the Lazare North, Lazare South, Hippolyte, and Hippolyte South deposits and the 2011 Resource Estimates by Coffey Mining on the Sadi, Ferkik West, Ferkik East, Hippolyte West and Agouyame deposits. The 2011 Resource Estimate was the subject of Aura ASX announcement dated 19 July, 2011 “First Uranium Resource in Mauritania”. The 2011 Resource Estimate was produced in compliance with the 2004 edition of the www.auraenergy.com.au Tiris Project ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Aura confirms that all material assumptions and technical parameters underpinning the 2011 estimates in the relevant Twitter: @aee_auraenergy Definitive Feasibility Study market announcement continue to apply and have not materially changed.

RESOURCES

Table 3.2: Tiris Resource by Resource Zone (combined 2018 & 2011 Resource Estimates)[1, 2 (p16) ]

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RESOURCES

Total resources of 51.8Mlb U3O8 at 100ppm cut-off.

17.1Mlbs U3O8 of resource in Measured and Indicated categories

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Figure 3.1: Tiris Global Resources at 200 ppm U3O8 cutoff

Three resource estimation exercises have been carried out on Aura’s Tiris uranium resources.

The initial exercise was carried out in 2011/2012 by Coffey Mining, an Australian based consulting firm with extensive experience in resource estimation of calcrete uranium mineralisation. This study resulted in an Inferred Resource of 50.3 Mlbs U3O8 at an average grade of 332 ppm U3O8, based on a lower cut-off grade of 100 ppm U3O8. The exercise included a site visit by the Coffey resource consultant.

In 2014, a second resource estimate to upgrade a portion of the resource to Indicated Resource status, was carried out on the Lazare North zone.

Both of these resource exercises were based on vertical air-core drilling, conducted by Australian contractor Wallis Drilling. An NQ size bit was used, resulting in a hole diameter of approximately 80 mm. A 100m x 200m drill pattern was employed for Inferred Resources, and a 100m x 100m pattern for Indicated Resources. Uranium grades were determined from drill chip samples on 0.5m or 1.0m intervals, by chemical analysis at ALS Laboratories in Ireland. Industry standard Quality Assurance/Quality Control analyses were carried out on sample duplicates, blanks, certified reference material and by extensive referee analyses.

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RESOURCES

In 2017, a major drilling program was undertaken to upgrade a substantial portion of the resources to Measured and Indicated status. Air-core drilling was again conducted by Wallis Drilling. Holes were drilled vertically on a 50m x 50m pattern in the Hippolyte, Lazare North and Lazare South resource zones. To test short range variability and provide geostatistical information, three 100m x 100m squares were drilled out at 12.5 m drillhole spacing. Uranium grade in this program was estimated by downhole gamma logging, carried out by consultants Poseidon Geophysics.

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In total, 1,691 drill holes were logged with the total gamma logging system between June 2017 and November 2017. These total count gamma logs were converted to equivalent uranium grades (eU3O8) by applying calibration information, an air correction and minor smoothing. A check was also done on the disequilibrium between U-238 and its gamma emitting daughter products. A disequilibrium factor was determined in order to adjust all eU3O8 grades to their true U3O8 grades.

Figure 3.2: Lazare resources—2018 resource estimate

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RESOURCES

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Figure 3.3: Hippolyte resources—2018 resource estimate

Large diameter (PQ) triple tube diamond drilling was carried in 56 holes, to validate grade estimation by gamma logging and to provide density information.

Extensive quality assurance procedures were employed involving:-

regular logging of reference holes,
repeat logging of 1 in 20 holes,
comparison of assayed diamond drill core with grades determined by downhole gamma logging,
and referee analysis of drillcore analyses.

Downhole gamma logging results were compiled and interpreted by Australian consultants 3D Exploration Pty Ltd, who have extensive experience in this field and in calcrete uranium deposits.

Resource estimation on the Lazare and Hippolyte Zones (see Figures 1.4 & 1.5) was carried out in 2018 by specialist resource consultants, H&S Consultants, based in Sydney.

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ADDITIONAL RESOURCE POTENTIAL

Excellent potential exists to add to the resource base during the life of the operation.

Aura’s exploration to date in the region has largely focussed on radiometric uranium channel anomalies defined by regional airborne radiometric survey data. The current resources correlate well with airborne anomalies. Strong uranium anomalies exist elsewhere in the district, similar in anomaly strength to those occurring over Aura’s known resources. Most of these zones have had only limited evaluation by Aura and other companies. Potential clearly exists to locate additional mineralised and resource zones, within these untested and lightly tested anomalous areas.

Additionally airborne radiometric data does not extend further east than 7°W or further north than 26°N, and does not fully cover all parts of the Tiris Resource. Over 20,000 km[2] of similar geological setting lying to the east and north of the current Tiris Resources within Mauritania, is not covered by the airborne survey data. Parts of this area have had some ground radiometric surveying over broadly spaced lines (1 to 2 km), locating some uranium anomalous zones which have not been followed up as yet. Excellent potential therefore exists, to locate additional mineralised zones in this large area which has not had good quality radiometric coverage.

Potential also exists in the immediate vicinity of the currently known resources. In the Sadi zone, drilling has demonstrated that mineralisation extends at least 1.5 km south of the current resource boundary. This has not yet been closed off by drilling, or included in the resource. Additionally the surface radiometric response of mineralisation that has been used to guide exploration and drilling, can be shielded by a shallow cover (20 cm) of unmineralized material. As the southern extension of the Sadi mineralisation has in places no surface radiometric response, potential clearly exists to expand the resource in this area. There are also other current resource zones in the vicinity, where extensions to the mineralisation may not have a surface radiometric response.

The delineation of Measured and Indicated Resources has been limited for cost reasons only, to portions of the Lazare and Hippolyte deposits. Additional Measured/Indicated Resources will be able to be established within the currently defined Inferred Resources zones, and within further resource zones yet to be outlined.

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ORE
RESERVES
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The overall project financial model was prepared by Aura using inputs from the mining schedule cost model. Detailed processing, tailings disposal, power, water, camp infrastructure and logistics, and other costs were also developed as part of the Feasibility Study. Mining Plus reviewed the cash flow model with Aura to ensure that the project has a positive cash flow outcome, and this has been confirmed.

The declared Ore Reserve, at a 175 ppm U3O8 cut off is shown in Table 3.2.

Table 3.2: Ore Reserve estimate

Descripton	Mt	U3O8 (ppm)	U3O8 (Mlb)
Lazare North
Proved	0.7	354	0.6
Probable	4.4	332	3.2
Lazare South
Proved	1.5	342	1.1
Probable	0.7	340	0.5
Hippolyte
Proved	1.9	331	1.4
Probable	1.7	334	1.3
Total
Proved	4.1	339	3.1
Probable	6.8	333	5.0
Total	10.9	336	8.1

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ORE

RESERVES

The Ore Reserve was generated from the Mineral Resource Estimate produced by H&S Consultants (Sydney) with the appropriate modifying factors to apply for mining dilution. This Resource model was used in an open pit optimisation process, to produce a range of pit areas using operating costs and other inputs derived from previous studies. Mining costs were built up from estimates derived from equipment supplier and mining contractor submissions and applied to a detailed mine schedule.

The Ore Reserve is based on information complied by the following:

Revenue prices, based on historical averages and forward estimates, based on Offtake agreement with Curzon Resources provided by Aura.
Processing recoveries based on the geometallurgical model developed by Aura.
Mineral Resource estimate, H&S Consultants, 1[st] May 2018.
Pit optimisation and mine design, Mining Plus.
Capital costs, Mining Plus, Mincore, Simulus Engineers, Adelaide Control Engineers (ACE) and Aura.

86%

CONVERSION OF MEASURED RESOURCES CONVERSION OF 71% INDICATED RESOURCES

76% 92%

TOTAL RESOURCE CONVERSION

FIRST 10 YEARS PRODUCTION IN PROVEN AND PROBABLE RESERVE

Operating costs, Mining Plus, Mincore, Simulus Engineers, ACE and Aura.

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MINING

The DFS mine schedule supports 15 years production at 0.82Mlb of U3O8 per annum average.

Mining is free-digging and at surface.

Contract mining employed.

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MINING

Mining Plus (MP) was commissioned by Aura Energy in November 2018, to complete the mining design for the project, including Ore Reserve estimation in accordance with JORC (2012 Edition) requirements.

The detailed tasks undertaken were:

Preliminary mine planning for preparation of information pack to obtain Mining Contractor Pricing.
Obtain Mining Contractor pricing and review submissions.
Complete pit optimisation including Measured, Indicated and Inferred (MII) mineral resources for the Lazare North, Lazare South, Hippolyte, Hippolyte South and Sadi Resources as potential mineral inventory.
Define mining method and cycle based on optimised pit designs.
Develop life-of-mine and mill production schedules including backfilling of beneficiation circuit reject and process tailings.
Develop mining cost model.
Estimate Ore Reserves and report in accordance with JORC (2012 Edition).

The uranium mineralisation largely lies within 3 to 5 metres of the surface in a relatively soft, free-digging material containing patchy calcrete. Based on trenching and metallurgical test work to date, this does not require blasting before mining, or crushing prior to beneficiation.

The Feasibility Study has shown that the three mining areas can be developed in a practical sequence to produce 0.8-1.1 Mlb/yr UO4 through the processing plant for over ten years. The first nine years are from currently defined Measured or Indicated Resources, which form the declared Ore Reserve. The total mining cost to develop and operate the mine for ten years, has been estimated at US$66.6 million or US$2.24/tonne of material mined. This includes both fixed and variable operating costs, but excludes any capital spent prior to mobilisation.

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PIT

OPTIMIZATION

MiningPlus completed resource optimisations for the Lazare North, Lazare South, Hippolyte, Hippolyte South and Sadi Resources using the 2018 Resource estimate, along with input parameters developed as part of the FS. Pit optimisations were completed for all mineralisation categories within the resource by Whittle optimisation. Measured and Indicated resources were included in optimisations for Ore Reserves, while Inferred resources were included as potential mineral inventory towards the later stages of mine life.

Optimisations included locations of the beneficiation circuit to minimise haulage distance. For the optimisations two beneficiation circuit locations were selected for Lazare North, a single location for Lazare South and three for Hippolyte.

The optimisation sales price was set at $44/lb U3O8 as per the offtake agreement with Curzon Uranium Trading (refer to Marketing section 17). Utilising the updated costs and recoveries the cut-off grade was recalculated, resulting in a grade of 179 ppm U3O8.

As the JORC mineral resource model provided for the Tiris Project utilised an MIK estimation method with discrete, pre-defined grade parcels, the cutoff grade selected for the Feasibility Study planning was 175 ppm U3O8.

The optimisations were performed by resource over a range of Revenue Factors (RF). The revenue factor 1 pit was selected for the study. This is because the mine life is not long enough for the discounting effects on NPV to have a material impact at this level of the Feasibility Study. Therefore, the cash flow, rather than the discounted cash flow, is the governing factor in pit selection.

These results are shown at the same scale to allow a direct comparison, and show that Lazare North and Hippolyte are nearly double the size of Lazare South. However, when the optimisations include Inferred Resources, there is significant increase in the potential ore from Lazare South. This indicates the area that should be targeted with further drilling to increase the Ore Reserve. The Lazare South area is currently potentially economic, but not of high enough geological confidence as per the JORC Mineral Resource classification.

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OPTIMIZATION

RESULTS

The optimisation results for Lazare North, Lazare South and Hippolyte Measured and Indicated resources can be seen in Figure 4.1 to Figure 4.3.

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Figure 4.1: Lazare North optimisation results (Measured and Indicated)

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Figure 4.2: Lazare South optimisation results (Measured and Indicated)

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Figure 4.3: Hippolyte optimisation results (Measured and Indicated)

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Pit optimisation sensitivities were completed for variations in mining cost, non-mining costs, recoveries and sales price.

The most sensitive parameter is the sales price which is not unexpected. Increasing sales price not only increases the value of the base case optimisations, but also increases the value to the remaining blocks causing the pit shells to increase.

Changes to processing recoveries have a similar effect. Recovery increases result in more product for sale, leading to more revenue which is similar to an increased sales price.

The mining and non-mining costs have a lesser impact on the project size with the non-mining costs returning a 2:1 impact, where a 10% change in non-mining costs can result in nearly a 20% change in DCF. The mining cost sensitivity is much less with a 10% change here only resulting in a 3% variation in DCF.

Figure 4.4 summarises the sensitivity runs by final product generated.

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Figure 4.4: Optimisation sensitivity results by final product

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MINE DESIGN

Detailed pit designs were not undertaken for the study. This is due to the shallow nature of the deposit and that the resource block sizes are 50m x 50m, which when agglomerated into 100m x 100m panels become a mineable pit in their own right. These 100m x 100m panels are large enough to be mined independently if required and each has sufficient length for an access ramp.

MINING METHOD AND CYCLE

Table 4.5: Mining sequence

Figure 4.5: Mining Plan

A conventional open pit dry mining method, utilising a combination of bulldozers, excavators and trucks will be employed. Mining is anticipated to follow a strip mining philosophy, where any waste mined will be returned to a previously mined area without the need for building waste dumps or rehandling. It is planned that initial ex-pit dumps or berms will be utilised as the open pit develops, but these should be located immediately adjacent to a pit. The waste material should be able to be simply pushed in, when space is available in the mined out void.

No drilling or blasting is required based on Aura’s site investigations and material properties. However each mining area will require grade control drilling prior to excavation. It is expected that this grade control will be undertaken by either excavator dug pits or a rock saw, which could then be gamma logged to ascertain the in-situ grade.

Stage	Descripton
Sand Clearing	Any overlying sand is pushed into windrow stockpiles alongside the pit with a bulldozer. Where required these shall be formed as berms to avoid any fooding of the pit from the infrequent rainfall and surface water eventuatng.
Overburden Removal	Any overburden is removed by bulldozer onto windrow stockpiles.
Ore and Waste Mining	The ore exposed and associated waste is mined by hydraulic shovel or bulldozer and front-end loader and loaded into haul trucks. The ore is hauled directly to the apron feeder area, whereas the waste is placed into stockpiles alongside the pit unless sufcient mining voids are available for backflling
Backflling	When sufcient void volume is available, the mined- out cell is flled with flter pressed process plant tailings, barren rejects discharged from the screening plant and mine waste.
Surface Rehabilitat on	Overburden and stockpiled mine waste is pushed over the consolidated cell from the windrow stockpiles at the side of the pit.

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MINE SCHEDULE

Mine scheduling was completed with the following constraints:

Target processing feed rate of 1.25 Mtpa
A 10 year project life
Any Inferred mineralisation to be deferred until the end of the mine life
No ore stockpiling

The schedule was completed on a monthly basis then summarised annually. Allowances for feed hopper relocations were included between mining areas when a shutdown of the plant and mine occurred.

Ore and waste mining occur concurrently as the ore is defined as a proportion of each resource block, with the remainder being waste. Ore is mined at exactly the processing rate required as there is no stockpiling of ore at the hopper. No advance waste mining occurs.

The mining panels were sequenced from highest value within each mining area before a feed hopper relocation occurs. The Inferred panels were treated as a separate mining area requiring additional feed hopper relocations. The final sequence was:

Lazare North East
Lazare North West
Lazare South
Hippolyte Central
Hippolyte South
Hippolyte North
Hippolyte North (Inferred)
Hippolyte Central (Inferred)
Lazare South (Inferred)

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Figure 4.6 summarises the annual mining rate by deposit. The schedule has allowed for relocations of the feed hopper and beneficiation circuits between locations. A production shut down of 30 days was included each time a relocation was required.

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Figure 4.6: Mining by deposit

Figure 4.7 summarises the annual mining rate required to feed the processing plant. The average mining rate required for the ten years is 3.0 Million tonnes per year.

The mining schedule includes over 90% Proven and Probably Reserves in the first 10 years of planned operation.

Figure 4.8: Ore processing plan by tonnage and grade

Tiris Project Definitive Feasibility Study

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Figure 4.7: Mining by material type

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UPSIDE
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SCENARIO

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The Sadi deposit was included in the study to increase the project life to 15 years. This deposit is an Inferred Resource. The Sadi deposit was optimised, designed and scheduled, in the same manner as the other deposits in the study.

These figures show that the project can produce at a sustainable level of around 0.9 Mlb U3O8/yr for 15 years without significant fluctuations in the require mining rate, assuming the Inferred Resource is as modelled.

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Figure 4.9: Upside scenario ore mined by deposit

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CONTRACT MINING

Aura shall adopt a contract mining model for the initial operation. There is considerable mining expertise within Mauritania, Senegal and Ghana, and contract mining is expected to be the most cost-effective option for the operation. It reduces the initial capital cost, and will bring an experienced mining team to bear on the start-up period of the operation.

The contractor will be responsible for the provision, operation and maintenance of the mining fleet. The fleet is required to mine the ore and associated waste, then deliver the ore directly into the run of mine (ROM) apron feeder located approximately one kilometre from the open pit crest. Given that the front end of the plant shall be easily transportable modular units, trucking distances will be minimised through the close placement of this modular plant.

Aura will be responsible for providing the heavy vehicle workshop at the permanent process plant, some 6 km away from the mine. It will contain lifting facilities and spares storage.

Tiris Project Definitive Feasibility Study

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PROCESS FACILITIES

Simple mineralization leads to simple process. Beneficiation rejects over 85% of material, with over 90% uranium recovery

Rapid leaching reduces process throughput

Tiris Project

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The Tiris Project has very simple uranium mineralisation that is well suited to a conventional

The uranium is hosted with ultra-fine grained carnotite (K2(UO2)2(VO4)2.3H2O) that is loosely attached to barren gangue particles. This means uranium bearing carnotite can be readily separated from barren particles, allowing highly efficient upgrade of uranium concentration by simple scrubbing and screening. This greatly reduces the mass of material for leaching, reducing footprint and throughput for the hydrometallurgical plant.

The processing facility consists of three main sections. These are separated by surge tanks and include:

Beneficiation circuit
Uranium extraction circuit (Alkaline leach – solid liquid separation – Ion exchange)
Uranium purification and precipitation circuit.

There are several process configurations used for recovery and extraction of uranium, predominantly driven by the type of uranium mineralisation. Leaching of uranium can be undertaken in either acid or alkaline conditions. The selection of the leaching system is driven by the ore composition and whether acid or alkaline consuming minerals are dominant. In the case of the Tiris calcrete mineralisation, acid consuming minerals (e.g. calcite and strontianite) are prevalent and preferentially concentrate with the uranium bearing carnotite. Therefore, the Tiris mineralisation is well suited to uranium recovery by alkaline leaching, using the sodium carbonate/ sodium bicarbonate system. The leach is undertaken at a temperature of 90°C with a residence time of 12 hours.

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The main commercial process options for solution recovery after leaching are counter current decantation (CCD) using high rate thickeners, or filtration. The elevated clay concentration in Tiris leach product means that settling rates are low, and the wash efficiencies for a CCD circuit would be similarly low. This would result in increases in the water balance and high losses of contained reagents. Alternatively, for filtration, while clays lead to slower filtration rates, the efficiency of solution recovery is greater. This leads to more efficient reagent recovery, and higher uranium concentration in feed to recovery circuit. To reduce filtration time the Tiris process utilises a filterrepulp-filter configuration, where washing of the slurry is undertaken in a repulp tank, rather than inside the plate and frame filter.

For alkaline systems the main process options available for recovery of uranium are ion exchange (IX), Resin in Pulp (RIP), or Direct Precipitation. For the Tiris process, ion exchange was selected. For efficient application of Direct Precipitation higher concentrations of uranium in leach solution would be required, to minimise downstream reagent requirements. Similarly, the elevated clay concentration may cause ‘blinding’ of resin in an RIP system, reducing recovery efficiency.

Tiris Project Definitive Feasibility Study

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After ion exchange the resin loaded with uranyl carbonate is eluted using sodium bicarbonate. The eluted uranium stream is then further concentrated by nano-filtration, and sodium bicarbonate recovered for recycle back to the leach circuit. Uranium is then precipitated with sodium hydroxide as sodium diuranate (SDU). The SDU precipitate is filtered and dissolved in sulphuric acid as uranyl sulphate, ready for final precipitation.

Uranium is precipitated with hydrogen peroxide to form the final uranyl peroxide (UO4) product. UO4 will then be dried or calcined to form the final Yellowcake product. Yellowcake is a term used to cover all Uranium Oxide Concentrates (UOC), which may include UO4, UO3, UO2 or U3O8.

The final UOC product will be packed in secure 205L IP-1 open head steel drums, and strapped within a 6m container for transport by road to the Port of Nouakchott.

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Figure 5.1: Process block flow diagram

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Tiris Project Definitive Feasibility Study

Figure 5.2: Plant Layout

Tiris Project Definitive Feasibility Study

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BENEFICIATION CIRCUIT

The Tiris Eastern resources are spread over a distance of 64 km east-west and 36 km north-south, so the transport of ore is a significant consideration. Refer to Fig 5.3 for spread of Tiris resources.

The Tiris mineralisation allows for rejection of 85-90% of ore mass as barren rejects, through a simple beneficiation process. To optimise the material transport, a modular transportable beneficiation circuit located close to the resources was incorporated. The trucks have a transport distance of around 1-2 km to the beneficiation stage, and slurried product is pumped to the processing plant. Refer to Fig 5.3 for process plant location at Lazare centroid.

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Figure 5.3: Resource distances to Lazare processing plant

Tiris Project Definitive Feasibility Study

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The beneficiation plant and the hydrometallurgical process plant are in separate locations connected by three 6 km long pipelines, used to transfer slurry, liquid recycling and raw water

The mine schedule focuses on mining of the three Lazare resources over the first 6 years. In this period, the transportable modular front-end plant will have to be moved twice. Given that this will stop all production until all the plant systems and utilities are re-connected and recommissioned, a highly planned shutdown will be required. An allowance of 4 weeks to shift the beneficiation circuit each time has been made in the mine schedule.

The modular and transportable front end beneficiation circuit comprises:-

ROM ore Feeder-Breaker unit
Rotary wet scrubber 2.4 m diameter x 4.8 m long.
3 sets of 2 screens with screen apertures of 2mm, 300 micron and 150 micron.
Waste conveyor and radial stacker for the 85% rejects.
Agitated surge tank for storing slurry
Slurry pumps to pump slurry some 6 km to Process plant

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Figure 5.4: Optimized (Opex/Capex) site location for Lazare Resources

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PROCESS PLANT

Connecting the Beneficiation front end and the permanent process plant, there are 3 surface run HDPE pipelines some 6 km long as follows:-

The 225 DN, PN25 PE 100 fines slurry line transferring pumped slurry to the process plant,
The 200 DN, PN 25 PE 100 liquor recycle line returning filtrate from the process plant to the beneficiation front end,
The 32 DN, PN16 PE 100 raw water supply line providing raw water to the beneficiation front end.
These will be fully welded into section lengths able to be safely dragged without damage, during the relocation stages. Flanges would connect the section lengths.

The Process plant major equipment comprises:-

A hi-rate carbon steel pre-leach thickener, ten metres diameter with three metre walls,
Four agitated surge tanks, providing 24 hours downtime capacity for the downstream process plant,
A 650m2 filter press feeding a cake transfer conveyor,
Six agitated leach tanks 6.1 m diameter, 6.4 m high,

Figure 5.5: Isometric plan of leach, ion exchange and precipitation circuits

Tiris Project

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A diesel steam boiler package and two associated heat exchangers, to heat the slurry to 90 degrees C,
Three 26 m long plate and frame filters filtering the barren liquor from IX, and filtrate from product dewatering,
IX feed tank and three IX columns,
SDU Precipitation circuit, including thickener, decanter centrifuge and tanks,
Product Precipitation plant including fluid bed crystaller, dewatering centrifuge, 150 kW rotary kiln, vent scrubber, and drum packaging plant.

The Modular Dewatering, Drying/Calcining and Drum Packing Plant will be pre-assembled modules. They will be located within the main plant perimeter in a secure building, with restricted and controlled personnel access.

The dewatering, drying, off-gas modules, dust collector and yellowcake buffer hopper will be located in an enclosed and sealed area of the Drum and Packaging (D&P) building, to prevent any fugitive dust escaping from the process plant area. The Drum Packing Module will be located in the clean side of the D&P building.

Figure 5.6: Isometric plan of UOC drying and drum packaging plant

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Tiris Project Definitive Feasibility Study

TAILINGS

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Tiris Project

The permanent process plant produces a 150,000m[3] / year tailings stream from the leach pressure filtration module at 37% moisture content. The leach plant tailings would be stockpiled on a slab by a belt conveyor and loaded by a front-end loader into mining trucks. For approximately the first 6 months, the tailings would be transported to a tailings dam some 1,100m north east of the plant. The tailings dam would hold 75,000m[3] of tailings, with dimensions 250m by 180m by 2m deep. When adequate voids are available in the mined out areas, the dewatered tailings would be trucked directly to the mined-out areas for in-pit disposal, at the base of the pits. The tailings would then be covered by barren reject material, mine waste and overburden.

It has been assumed that no lined geotechnical membrane will be required underlying the tailings dam. Aura will have to confirm from testing the likely concentration of radiation levels in leach plant residue, and whether any groundwater issues will be caused. The required waste and overburden coverage above the tailings requires confirmation.

At the front-end beneficiation plant, there is a barren rejects stream produced of coarser material (680,000m[3] /year) discharged from the 3-stage screening unit. This reject material will be predominantly between 2mm and 150 micron in size, and be initially used to build berms on the windward side of the pits to reduce dust levels. Once sufficient voids are available in the mined out pits, these rejects would be back filled into the mined out areas, and subsequently covered with mine waste and overburden. Having the front end plant within 1km of the open cut pit reduces trucking to reasonable levels.

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WATER SUPPLY

The 1.25 Mtpa process operation requires between 0.5 and 0.6 Gl of water per year, supplied to the plant. Of this, 150 litres/person/day is required for personnel use, and 0.17 Gl of raw water for dedusting roads and ongoing roadworks. Only some 40,000 m3, (or 7%) needs to be converted by a water treatment plant to demineralised or potable quality, as the process can utilise water with a moderate degree of salinity.

Water drilling on target structures has been successful in discovering water, with one of the bores producing 15,000 litres per hour

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Figure 5.6: Geophysical targets for location of water in Oued el Foule Depression

Of 4 water sourcing options identified by hydrological consultants, Aura’s water search and development activities have focussed on the closest source, the Oued El Foule Depression, an extensive drainage system, the central axis of which is less than 20 km from the Tiris plant site.

On one of these structures identified by Aura, drilling successfully located water in 2 bores. Of 4 holes drilled in the area 2 successfully located good volumes of water, with one producing 15,000 litres per hour. The 50% strike rate in drilling bodes well for the location of additional water sources in the same geology and indicates a strong likelihood that the current drilling program will locate additional water supply for the relatively low water requirement of the Tiris Project.

The water testing and development program will continue for a period of time beyond the completion of the DFS and during construction.

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Tiris Project Definitive Feasibility Study

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Small 24 kW dedicated diesel generators will be used at each borehole to power the 11 kW submersible lift pumps, and the 3kW transfer pumps. Similarly a 48 kW diesel generator is required at the main pumping station, to power the duty and standby 37 kW pumps. The local fuel tanks will have a two week capacity, and be supplied by an Aura fuel truck or trailer from the main process plant diesel storage. Telemetry will be installed to provide the control linkage and hourly reporting, back to the main process plant.

The twelve hour capacity raw water storage tank at the process plant, will supply water for firefighting, dust suppression and to the Reverse Osmosis (RO) water treatment plant.

The containerized RO water treatment plant will produce both potable and demineralized water, with storage for 48 hours potable water and 4h demineralized water. Water will then be reticulated from these tanks to accommodation, administration and laboratory buildings as well as to the process plant, and to the camp via a 3 km pipeline. Potable water requirements for the transportable front end and mining offices will be trucked down in a suitable water tanker, to smaller portable tanks there.

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PROCESS TEST WORK

18 metallurgical and mineralogical test work programs completed

Confirms simple metallurgy

Yellowcake product within ASTM standard specificiations

Tiris Project

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Definitive Feasibility Study

Process development for the Tiris Project was based on detailed material characterisation. This included detailed mineralogical characterisation early in the project development, supported by various diagnostic techniques.

The results of material characterisation were assessed against established uranium processing options. This allowed early assessment of viable options and rejection of unsuitable options. The primary characteristics driving process selection were defined as:

Presence of uranium exclusively with carnotite group minerals.
Fine grained nature of carnotite, which could be easily liberated from host particles.
Dominance of carbonate minerals over sulphate minerals.
Tendency for carbonate minerals to upgrade with uranium, while sulphate minerals were rejected.
Presence of swelling and non-swelling clay minerals.

The uranium mineralisation at Tiris occurs principally as carnotite K2(UO2)2(VO4)2.3H2O) and possibly some of the chemically-similar calcium uranium vanadate, tyuyamunite Ca(UO2)2(VO4)2.58H2O) in varying proportions.

Carnotite is a radioactive, bright-yellow, soft and earthy vanadium mineral that is an important source of uranium. A hydrated potassium uranyl vanadate, pure carnotite contains about 53 % uranium, 12 % vanadium, and trace amounts of radium. It is of secondary origin, having been formed by alteration of primary uranium-vanadium minerals. It occurs chiefly

with tyuyamunite (its calcium analogue) in sandstone, either disseminated or locally as small pure masses, particularly around fossil wood.

The Carnotite grain size for the Tiris material is in the range of 5-15µm diameter across the deposits. The majority of carnotite grains identified were within the micron size range.

Several Ore Domains were defined by geometallurgical modelling based on process behaviour. These Domains were defined by gangue mineralisation and particle size distribution. Geometallurgical modelling focused on the first 6 years of mine production, for the Lazare North and Lazare South Resources. The geometallurgical modelling covered 69.5% of defined Ore Reserves for the Tiris Project.

The primary differentiating factors for the Ore Domains were:

Proportion of mass distribution reporting to -75µm screen fraction.
Proportion of sulphate mineral reporting to -75µm screen fraction.
Upgrade factor of uranium to -75µm screen fraction

The material characterisation identified that the most appropriate process flowsheet would include ore beneficiation, followed by a heated alkaline leach, concentration of leached uranium and precipitation of yellowcake product.

To investigate the technical viability of process flowsheet options a steady state simulation model was developed. This allowed rapid assessment of process configurations and early rejection of options that were technically unsuitable. The steady state simulation model was used throughout process development test work to support test work results and allow for solution recycle and potential impurity build up at every stage. This allowed test work programs to be developed that were targeted specifically at design critical parameters.

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ORE BENEFICIATION

There is a high portion of barren sands within the mineralised calcrete. Removal of the sand prior to leaching reduces the throughput in the hydrometallurgical process plant, with a subsequent reduction in capital and operating costs. The Tiris mineralisation is particularly well suited to this type of ore beneficiation.

The uranium bearing carnotite is very fine grained, with average particle diameter of 5-15µm. The carnotite, clay minerals and fine grained calcite is loosely bound to barren silica and sulphate rich gravels. This can be easily separated using low power washing in a rotary scrubber, resulting in concentration of carnotite in the fine fractions. Uranium can be separated in these fine fractions using simple screening, resulting in recovery of over 90% of the uranium into between 10% and 15% of the total mass, as demonstrated in Figure 6.1.

The response to ore beneficiation allows rejection of the majority of the ore mass, greatly reducing the throughput to leaching. This translates to Capital savings through requirement for a significantly smaller leach circuit, along with significant operating savings through reduction in reagent consumption.

Beneficiation test work was undertaken at AMML, Gosford on ~100kg domain composite samples. This included benchtop scrubbing of bulk samples followed by screening to 150µm to product ore concentrates of 10-15kg for each Domain Composite. These provided the inputs for development hydrometallurgical test work at ANSTO Minerals.

Bulk Domain Composite samples were also prepared at Mintek, South Africa. These samples were scrubbed in a 1m diameter rotary scrubber and screened at 150um on an industrial scale single deck Derrick Stack Sizer. Technical support for Derrick screening test work was provided by Derrick International.

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Figure 6.1: Mass recovery, uranium recovery and product uranium grade for screen cut size of 150µm. All composites.

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Figure 6.2: Scrubbed vs unscrubbed samples from Hippolyte resource

Tiris Project Definitive Feasibility Study

ALKALINE LEACHING

The nature of the carnotite mineralisation also translates to improved leaching response. A program of bulk heated alkaline leaches was undertaken at ANSTO Minerals. Figure 6.3 shows the leaching profile by Domain composite for Lazare North and Lazare South. The fine grained nature of carnotite results in very rapid leaching, with the reaction essentially complete within 8 hours. This is significantly faster than leaching rates for similar calcrete deposits, where leach residence time of 96 hours is often required.

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Figure 6.3: Mass recovery, uranium recovery and product uranium grade for screen cut size of 150µm. All composites.

Ultra-fne grained carnotte leads to rapid leaching. Leach residence tme of only 12 hours required

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Tiris Project Definitive Feasibility Study

SOLID LIQUID SEPARATION AND DEWATERING

The upgrade of carnotite by screening naturally results in concentration of clay minerals. A program of rheological characterisation, including thickener and filtration modelling was undertaken at ANSTO Minerals by Rheological Consulting Services.

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ION EXCHANGE

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Uranium was recovered from clarified pregnant leach liquor by Ion Exchange at ANSTO Minerals. Ion exchange was undertaken using a fixed bed in lead-lag configuration with a Strong Base Anionic (SBA) Resin. For a nominal 98 % extraction of uranium from the PLS (670 mg/L U3O8), very close to the maximum loading can be achieved with resin inventories of ~0.15 m[3] resin per m[3] /h of PLS.

URANIUM PRECIPITATION AND PURIFICATION

Uranyl peroxide precipitation sighter tests were performed using a portion of the sulphuric acid digest solution, by the addition of hydrogen peroxide at controlled pH. Samples of the feed and final liquors were analysed by ICP-OES and ICP -MS. The UO4 was washed, dried, digested in nitric acid and analysed by ICP-OES and ICP-MS. A vanadium removal test, was performed by adjusting the SDU digest liquor to approximately pH 2 at 50°C, prior to UO4 precipitation at pH 3-4.

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Tiris Project Definitive Feasibility Study

URANIUM OXIDE

PRODUCT

UOC Product within

ASTM Standard specifications generated from test work

Table 6.1 provides a summary of the composition of the final UOC product from test work. It should be noted that the tolerances accepted by commercial converters for certain impurities listed in ASTM C96713 (including, zirconium and boron) are generally less stringent than in the ASTM standard.

Table 6.1: Tiris UOC Product specification.

	UO4 wt% U Basis	Limit Without Penalty	Limit Without Rejecton
As	<0.02 <0.02 0.03 0.06 <0.02 <0.02 <0.02 0.05 0.11 <0.12 <0.02 0.17 0.03 0.07 0.07	0.05 0.01 0.05 0.20 0.02 0.10 0.50 0.10 1.00 1.07 0.01 0.06 0.01 0.05 0.01	0.10 0.10 1.00 3.00 0.50 0.30 7.50 0.70 4.00 5.35 0.05 0.30 0.10 0.10 0.10
B Ca K Mg Mo Na P S Si Ti V Zr Cl
F

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Tiris Project Definitive Feasibility Study

INFRASTRUCTURE

Tiris Project located 680km from Zouerat, a mining centre.

Workforce will be bus in and out of Zouerat.

Installation of BOO hybrid diesel-solar power generation capacity.

Tiris Project

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INFRASTRUCTURE

The infrastructure component of the Tiris Project includes all supporting facilities located outside the mining area. Infrastructure includes the engineering design, procurement and management for the following site infrastructure works:

Internal roads within the process site, and minor roadworks on the 680km site access road from Zouerat.
Bulk earthworks
Accommodation camp installation, reticulated services, waste disposal, water treatment and associated infrastructure.
Transportable buildings including offices, change rooms, crib rooms and ablutions.
Communications systems
Steel framed buildings including workshops, warehouse and uranium packaging building.
Power reticulation across the project site.
Site security.
Process plant security.
Remote water borefield and pipeline.

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Tiris Project Definitive Feasibility Study

SITE WORKS

The process plant area includes a heavy vehicle workshop, which will carry out maintenance on all the mining fleet. All the designated road areas within the process plant area, and the process plant equipment area, will require some soil compaction to avoid settlement. Key process equipment/traffic areas will be prepared by stripping the topsoil, proof rolling the area and installing a crushed compacted granite sub-base. Earthworks will thus be limited to the minimum required only. No earthworks are planned for the camp 3km north east of the process plant, due to the low building weights involved.

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ACCESS ROAD

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Figure 7.1: Proposed site access route from Nouakchott via Zouerat

The route utilises trucking on the existing 767 km N1 sealed highway from Nouakchott port to Zouerat. From Zouerat, there is initially 15 km of sealed road, then a 665 km unsealed desert track to Tiris.

Some limited road works will be required on the 665 km unsealed section prior to construction commencing, to ensure all trucks (2WD & 4WD) can reliably travel from Zouerat to the Tiris site in two days. The route will be marked clearly, and soft sand sections replaced with crushed compacted rock fill. A permanent road maintenance crew will then be required during construction and ongoing operations to keep the road in satisfactory condition.

Tiris Project Definitive Feasibility Study

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ACCOMMODATION CAMP

The camp will consist of accommodation for 146 personnel in total, including an allowance of visitors. Security, kitchen and dining facilities, a large recreation room, a prayer room and storage facilities will be provided. Camp accommodation and support buildings will be located some 3km north-east of the plant site, to reduce the effects of windblown dust and noise from the operations.

Figure 7.2: General view of accommodation camp

COMMUNICATION SYSTEMS

Aura will install a fully managed VSAT solution, coupled with Wireless and Wi-fi extensions. Satellite telecommunications systems are well proven, given that numerous other remote mining companies in Africa are using similar systems.

A guaranteed pool of 10 Mbps dedicated bandwidth will be provided. It will be dynamically allocated as required between the VSATs, with input by Aura. Wi-fi connectivity then extends coverage within the Aura transportable front-end and mine buildings, process plant and camp.

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Tiris Project Definitive Feasibility Study

ELECTRICAL POWER SUPPLY

The electrical power supply for the Tiris plant comprises supply of power to four separate locations as follows:

The transportable front-end plant comprising beneficiation, screening and slurry pumping.
The permanently located process plant comprising leaching, ion exchange, precipitation and carbonation, SDU purification, UO4 precipitation and packing, workshops and administration facilities.
The permanently located construction/operations camp 3.3 km NE of the process plant, supporting 146 bed accommodation with kitchen/dining room, recreation hall, prayer room and camp management offices.
The remote water borefields and water pumping station some 31 km south west of the process plant.

The following table summarizes the total power peak demand per area and the related power generation required (Table 7.1)

Table 7.1: Summary of total power peak demand by area

Area	Peak Demand (kW)	DG installed power (kW)	Solar installed power (kW)
Front-end	429	2 x 400	-
Permanent Plant	2,718	4 x 1,200	2,160
Camp	650	Fromplant	Fromplant
Remote water supply	75	1 x 48 4x 24	-
Total	3,872	5,744	2,160

The camp is powered through a 3km long overhead 11 kV powerline from the Process power plant, with 415V/11Kv transformers at either end.

The Transportable Front end plant is powered by diesel generators, which is a more economic solution rather than a MV/HV powerline from the permanent process plant. Relocating the front-end four times in the first ten years of operation will be easier with transportable generators.

The permanent plant site and camp have an estimated peak demand of 3,370 kW, requiring four off 1,500 kVA diesel-powered generators. Two will operate most of the time, with one on standby and one for redundancy.

A 2,160 kW solar power plant will provide most of the permanent plant electricity during daylight, with solar supplying 30% of the total energy consumed per year.

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Tiris Project Definitive Feasibility Study

AIRSTRIP

Charter flights to site for medical evacuations and essential executive travel will initially use the existing Shield Mining airfield, located 152 km from the site. Re-licencing is required for this 1,100m long by 39m wide airstrip.

After a few years of operation, a daylight hours airstrip is expected to be built on the project site, some 2km from the Tiris process plant.

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ZOUERAT OFFICES, ADMINISTRATION AND GUEST HOUSE

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Aura Energy will need to set up an administration office based in the key location of Zouerat. Zouerat will be the key source of much site labour, and initial inductions and training required would be carried out there. During Construction and Operations, workers would be bussed the 680 km to site from Zouerat by Aura’s bus fleet.

A local guest house with dining facilities will also be required for the frequent stopover periods of expatriate specialists or management flying into Zouerat from Nouakchott, and travelling on to site.

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ENVIRONMENT

ESIA fully approved by Mauritanian government.

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INTRODUCTION

A comprehensive Environmental and Social Impact Assessment (ESIA) was completed in 2017 by Earth Systems, an internationally recognized consulting group with extensive experience in mining and uranium extraction.

The ESIA pays close attention to issues of radiation exposure and security of the uranium ‘yellowcake’ product. Throughout the ESIA and the associated project design and management measures, best practice guidelines from the International Atomic Energy Agency (IAEA) and the International Commission on Radiological Protection (ICRP) have been used, complementing the applicable Mauritanian regulations and guidelines.

ESIA was fully approved by the Mauritanian Government on 5[th] October 2017

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PHYSICAL

SETTING

CLIMATE AND METEOROLOGY

The project is located in the hyper-arid zone of northern Mauritania receiving only very rare rainfall. Annual average rainfall rarely exceeds 20 mm around the Eastern resources and 50 mm around the Western resource.

The region is subject to Harmattan winds, a northeasterly trade wind that occurs during dry conditions and can result in extensive and dense clouds of dust that can form dust or sandstorms.

NATURALLY OCCURRING RADIOACTIVE MATERIAL

Uranium in the environment is a form of Naturally Occurring Radioactive Material (NORM). The uranium mineralisation targeted by the Tiris Uranium Project is a near-surface accumulation of carnotite (potassium uranium vanadate) that has formed by cyclical near-surface weathering, dissolution, evaporation and reprecipitation.

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AIR QUALITY

Dust is the main determinant of air quality in the project region. Natural wind-blown dust levels are typically high and likely to exceed international inhalable particulate health criteria on a regular basis.

The annual NORM radiation dose in the resource areas is predominantly in the range 0.02–1.7 mSv/ y, with fewer than 1% of readings above this value (up to 23 mSv/y). The worldwide average annual radiation dose from natural sources is 2.4 mSv/y but due to elevated NORM sources, some areas can be as high as 6–12 mSv/y.

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SOCIAL SETTING

The project is located in a very sparsely populated region of the Sahara Desert, in a designated military Prohibited Zone. This Zone is enforced due to smuggling activity across adjoining borders.

The nearest permanent settlements are Bir Moghrein (pop c. 3000), 460 km west of the Eastern Tiris Resource Area), and provincial capital Zouerate (pop c. 45,000), 620 km westsouthwest. Other populations in the region include a small military base at Cheggat, 105 km from the Eastern Tiris resources, a small military outpost at Ain Ben Tili, 15 km north of the Western Tiris Resource Area, and a small settlement located across the border in Western Sahara within 20 km of the Western Tiris Resource Area.

No nomadic groups were identified in the broader region surrounding the Eastern Tiris Resource Area, and the area is not in the normal range of nomadic families.

Artisanal gold miners make temporary settlements in the region, and there is currently such a settlement 55 km southeast of the project at Gleib Ndour.

LAND AND WATER USE

ARCHAEOLOGY AND CULTURAL HERITAGE

There is no permanent land use in the vicinity of the project areas.

A survey of the project areas and surrounds in January 2017 identified 29 archaeological sites (principally burial sites) in the vicinity of the project areas (12 at the Eastern Tiris Resource Area and 17 at the Western Tiris Resource Area). Five additional sites of cultural heritage significance are located in the broader area surrounding the project.

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RISK ASSESSMENT

Radiation Impacts and Measurement

Careful management will be applied when extracting and processing the uranium mineralisation to prevent or minimise potential radiation exposure for workers, the public and the surrounding environment. The project will produce on site a uranium ore concentrate (UOC) or ‘yellowcake’, in a benign oxide form. UOC is not toxic, has low radioactivity and is safe to transport. UOC is not fissile, it does not undergo any nuclear reaction and has no use or value without technological enrichment. Enrichment is only conducted at a small number of highly regulated enrichment facilities around the world. The activities at the Tiris Uranium Project deal only with naturally occurring materials, and do not create any ‘new’ sources of radiation.

Terrestrial Fauna

The estimated exposure of terrestrial fauna to radiation associated with project activities is 0.045 mSv/d (15.88 mSv/y), which is significantly below the US Department of Energy guideline (DOE-STD-1153-2002) levels (20 times lower). The risk of radiation impacts on fauna is therefore expected to be NEGLIGIBLE .

Terrestrial Flora

The Eastern Tiris Resource Area is devoid of vegetation and the Western Tiris Resource Area is only sparsely vegetated with grasses in limited areas. The estimated exposure of terrestrial flora to radiation associated with project activities is 0.044 mSv/day (15.70 mSv/y). The total estimated radiation dose is significantly below the guideline levels (200 times lower) indicating that the risk of radiation impacts on flora is expected to be NEGLIGIBLE .

Aquatic Ecology

Fugitive radioactive dust could accumulate in surface waters following rare rainfall which could result in the risk of radiation exposure to aquatic biota. However, the residual impact is expected to be NEGLIGIBLE .

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Land Use

With no permanent settlements or land use in the vicinity of the project, impacts on existing land use are expected to be NEGLIGIBLE throughout construction, operations, de-commissioning and post-closure.

There are no international, national or regional protected areas or reserves in proximity to the project areas.

Terrestrial Biodiversity

The small amount of habitat loss associated with the siting of project infrastructure is not likely to be significant for species conservation in the region. No species are expected to be lost due to the development of the project, or have a significant proportion of their range affected.

Due to the rarity of rainfall and absence of surface water, the overall expected impact of the project on hydrology is expected to be NEGLIGIBLE . However, the risk of flooding during rare rainfall needs to be considered in the siting and design of project components, to protect project personnel and infrastructure.

In the production bore area, the expected impact of the project on local hydrogeology is expected to be LOW due to local temporary groundwater drawdown, and the absence of beneficial users.

Hydrology

During the Operations Phase, the expected impact of the project on water quality is expected to be LOW and localised. The principal residual risks are:-

the potential for water contamination during flood inundation should such inundation exceed design flood controls
and the low potential for downstream accumulation of wind-blown dust that escapes project dust management measures.

Post-closure, the site will be returned to the pre-development landform and soil/ overburden cover, including removal of any identified surface contamination. The post -closure impact of the project on water quality is expected to be NEGLIGIBLE .

The naturally high ambient dust levels of the region will be one of the principal concerns for workers’ health. Ambient air quality in the region has the potential to exceed IFC/WHO air quality guidelines during dust storms and Harmattan dust haze events.

Air Quality

The primary potential air quality impact associated with project activities is the potential for fugitive dust emissions from mining and processing. Dust modelling indicates that dust emissions are expected to be localised within the vicinity of operations. There are no permanent settlements in the vicinity of the project areas or on the route, and no significant wildlife or vegetation. Therefore dust generation from mining, processing and transport activities is not expected to result in any significant impact beyond the worker community.

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No World Heritage Sites or otherwise internationally recognised archaeological or cultural heritage sites are located close to the project.

Archaeology and Cultural Heritage

No archaeological sites were identified in the current resource zones, however, eight sites were identified within 250 m of a resource zone and will require management to avoid potential indirect impacts. Allowance has been made for fencing or relocation of any affected archaeological sites.

No cultural heritage sites were identified in proximity to the project areas and no cultural heritage impacts are expected.

Cumulative Impacts

The project lies in a remote, underdeveloped and unpopulated area of the Sahara Desert and cumulative impacts associated with the project are therefore expected to be minimal.

The project is expected to help progress the socio-economic development of the region through procurement of goods and services, and continue the development of Tiris Zemmour as an important economic area for Mauritania.

Other potential impacts likely to be associated with the development of the Tiris Project are:

Other Impacts

Trafc and transport: The principal transportation route from Zouerate to Tiris is unpopulated, lightly trafficked by other road users, has few nearby settlements, and is subject to controlled access under military authority. Some roadworks will be required on the 665km desert track to ensure 2WD construction traffic can make this trip in 2 days in daylight. Implementation of the management and mitigation measures outlined will ensure that potential impacts are minimised.
Community health and safety: The project is expected to directly and indirectly improve local health facilities and services in the Tiris Zemmour region through the implementation of a community development program, and the economic development and employment opportunities created. Potential community health risks and potential health impacts are expected to be very low or nonexistent for the Tiris Project due to the remoteness of the project site.

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PROJECT IMPLEMENTATION PLAN

Overall schedule is 21 months to design, construct and commission the Tiris Project. No major long lead equipment items required.

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The approach proposed for the engineering, procurement, logistics, construction and commissioning of the Tiris Uranium plant and infrastructure is summarised below. The project will be run by the following parties, coordinating with each other:

Owner’s team: dedicated team from Aura.
Main engineering contractor: Australian engineering company with African and modular knowledge and experience, providing the Engineering Procurement or EP components.
Technology suppliers: engineering companies for the two main parts of the process plant, where specific knowledge and experience about uranium processing is required. These two suppliers are virtually turnkey designers, but with site commissioning only.
Vendors: companies from around the world that will supply the different equipment and material.
Site contractors: companies mainly from Mauritania or with experience in the country, that will perform the installation works, providing services required in country and on site.
Logistics contractor: responsible for all construction equipment pick up, delivery to port, shipping, customs clearance and transport to Aura’s site warehouse at Tiris.

The strategy is to contract the main engineering contractor to engineer and procure. This involves managing procurement of supply packages, and setting up the site installation contracts for and on behalf of Aura. The owner’s team is then responsible for construction management, including the site contract administration with site installation contractors.

As some of the detailed process technology will be provided by others, the main engineering contractor will act as an “Integrator” for various aspects of the project. Where equipment is supplied by others, this involves integrating the equipment interfaces with the balance of the plant, including foundations, steelwork, piping and electrics. The main engineering contractor also ensures that all services required by the equipment are provided, e.g. power, water, compressed air.

At practical completion the main engineering contractor supplies all drawings, documentation and Operating and Maintenance manuals required to run the plant.

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PROJECT

SCHEDULE

The Tiris Project schedule is expected to have the following time scale:-

Issue of the Feasibility Study at start of month 1.
Three months of fund raising completed by the end of month 3,
Kick-off of the full project from the board approval date at the start of month 4.
Detailed engineering design commencing immediately taking 9.5 months and being largely complete by mid-month 13. .
Site and camp establishment to commence in month 14
Allowing the main construction contracting to commence in month 9 and be completed in 12.5 months in mid-month 22..
Operations start up after completion of commissioning, in month 24.

This gives an overall project duration of 21 months from kick off.

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Figure 9.1: Project schedule

Tiris Project Definitive Feasibility Study

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CAPITAL

COST ESTIMATE

Total capital cost of US$74.8M, inclusive of contingency.

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CAPITAL COST SUMMARY

Aura’s Engineering company Mincore have provided a capital cost (CapEx) estimate for the Tiris Project. This includes the scope of facilities and services required to design, purchase and construct the entire project, up to practical completion and handover to operations.

The Capital estimate originally published in July 2019 was reanalysed to update material and equipment costs to a 2021 basis. Aura undertook this re-evaluation to fully understand the impact of the global COVID-19 pandemic on the Tiris U Project CAPEX. Where possible updated quotes were obtained from original or technically compliant vendors and currency exchange rates were updated to the 2021 basis.

Table 10.1 and Table 10.2 show the estimated capital cost summary by main area.

Table 10.1: Capital cost summary

Descripton	Cost(U$M)	Rato(%)
Mining (contract miningassumed)	0.00	0
Process Plant	39.1	50
Infrastructure	17.6	24
EPCM	4.9	7
Owner's cost	9.9	13
Contngency	4.8	6
Total Capital Cost	74.8	100

85% of Capital estimate from supplier quotes

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The Power generation capital costs have been allocated to Operating expenses, with the delayed costs paid over three years once production commences. Aura obtained conceptual agreement to this financing arrangement, with one of the Power generation suppliers. The CapEx total cost is therefore reported as $74.8M USD.

The scope for the facilities also includes two specialised plant areas that were separately engineered for both quantities and prices. The specialised plant areas include:

Leach and uranium recovery plant developed by Simulus Engineers, (2020-2050).
Fluid bed precipitation, calcining and drum packing plant developed by Adelaide Control Engineering, (2060).

The costing for these two specialised packages includes full engineering, procurement of all equipment and packing ready for transportation (site erection and commissioning by others).

In total, 85% of pricing was sourced externally by budget pricing enquiries.

CURRENCY EXCHANGE RATES

This estimate is provided in Australian dollars (A$) and American dollars (US$), accurate as of the date of 1 July 2021.

The capital cost estimate has exposure to various currencies, with the principal currencies and rates shown in Table 10.3. Aura has taken a long-term view that the Australian dollar will weaken against the US dollar, based on market predictions. Any variations in these exchange rates will require adjustment to the final AUD estimate total.

Table 10.3: Currency exchange rates applied to supplying countries

Currency	A$ AUD	US $ USD	Euro € EUR	Ouguiya MRU	Rand ZAR
1 A$	1.000	0.70	0.63	32.03	10.78

CONTINGENCY

The contingency provided on this project was established based on a cost risk analysis with Mincore. To establish the desired estimate accuracy of -15% + 20% to AusIMM Class 3 standards, requires a set amount of engineering and project deliverables to be developed. Based on the integrity of these deliverables, the desired schedule and consideration of other risks, the contingency level was set.

Table 10.4: Contingency summary

Pricing Basis (A$)	Contngency applied	Contngency US$
Budgetpricing Technology provider(Simulus) Estmated Historical Allowance TOTAL	10%	3,311,403
	12%	1,470,588
	10%	630,015
	15%	248,684
	0%	0
		5,660,690

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COMPARISON TO 2019 CAPITAL ESTIMATE

In 2019 Aura released a Definitive Feasibility Study on the Tiris Uranium Project . In general the results of the DFS remain unchanged and the current update reflects the price inflation between 2019 and 2021. In this time significant global economic upheaval due to the COVID-19 pandemic has occurred and Aura determined that it was relevant to fully understand the potential impact of these changed conditions on project implementation

The comparison of the 2021 DFS Capital cost estimate with the 2019 DFS showed an increase of 19% on a USD basis . This is a good result given it remains within both the estimate accuracy levels and base sensitivity levels used in project evaluation.

Table 10.5: Comparison of 2019 and 2021 DFS CAPEX estimate

Descripton	DFS 2019	DFS update 2021	Variaton
	US$/M	US$/M	%
Mining	0.00	0.00	0.00
Process Plant	26.3	39.1	39%
Infrastructure	18.9	17.6	-7%
EPCM	4.45	4.9	10%
Owner's cost	8.2	9.9	21%
Contngency	4.30	4.8	11%
Total Capital Cost	62.94	74.8	19%

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Tiris Project Definitive Feasibility Study

OPERATING COST

ESTIMATE

LOM cash operating cost of US25.43/lb U3O8. All In Sustaining Cost (AISC) of US$29.81/lb U3O8, including royalties, insurances, LOM sustaining capital and product transport.

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ESTIMATE

BASIS

The operating cost estimate for the Tiris Project was developed by Aura Energy with assistance of MinCore Engineers, Simulus Engineers and MiningPlus. An estimate review was undertaken by METS Engineering. The estimate is based on the LOM ore schedule, process design criteria, steady state mass and energy balance and metallurgical test work undertaken as part of the Feasibility Study.

The estimate includes all costs associated with production of an average 0.8Mlbs U3O8 per annum, including:

Contract mining;
Labour;
Fuel;
Power;
Reagents and consumables;
Maintenance;
General and administration;
Product transport;
Sustaining capital;
World Bank Community contributions; and
Royalties.

The operating cost estimate is considered to have an estimate accuracy of +15% -10%.

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OPERATING COST SUMMARY

The operating cost estimate has been summarised in table 11.1 and figure 11.1. The total C1 cash cost will be US$25.43/lb U3O8 and All In Sustaining Cost (AISC), inclusive of Royalties, LOM Sustaining Capital, Insurances and product transport will be US$29.81. These costs have been estimated as an average of annualised expenditure.

Table 11.1: Operating cost summary

Category	Annual expenditure	US$/lb U3O8
Contract Mining	$ 5,789,051	$ 7.16
Labour	$ 2,975,253	$ 3.68
Power	$ 3,696,040	$ 4.57
Reagents	$ 3,196,216	$ 3.95
Maintenance	$ 1,841,887	$ 2.28
G&A	$ 3,076,507	$ 3.80
Total cash cost (C1)	$ 20,574,953	$ 25.43

Product transport and marketng	$ 367,344	$ 0.45
Insurances	$ 373,000	$ 0.46
Sustaining capital	$ 673,828	$ 0.83
Royaltes	$ 1,934,686	$ 2.39
All In Sustaining Cost (AISC)	$ 23,923,811	$ 29.81

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Figure 11.1: Operating cost distribution

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MINING

Table 11.2: Mining cost summary

Mining for the Tiris operation will be undertaken under a contract agreement over a 5 year period. Mining rates were based on submissions by three independent companies in Mauritania, Senegal and Ghana, and a first principles contract mining estimate performed by MiningPlus.

Descripton	Unit	Rate(2)
Waste Mining	$/bcm	2.10
Ore (0-1 km)	$/bcm	2.10
Ore (1-2 km)	$/bcm	3.20
Ore (2-3 km)	$/bcm	3.63
Reject Return	$/m3	1.05

LABOUR

Table 11.3: Labour summary

Area	# on payroll
G&A - Zouerat	5
G&A - Site	38
Mining- owners	6
Process -general	18
2010/15	6
2020/30	3
2040/50	3
2060	3
Maintenance	44
FIFO Costs
Total	126

The labour rates are annualised and inclusive of local on-costs, including:

Social security (14%)
Medical Insurance (5%)
Training allowance (0.6%)
Overtime penalty rates

An organisation structure and manning structure has been developed for the Tiris Feasibility Study to meet planned production targets. The proposed mining, operations and administrative employee numbers are presented in table 11.3.

An additional 91 personnel are included for the mining contractor. The total Tiris Project workforce will be 213 personnel.

Personnel will reside in Zouerat, with travel to/ from the operation being via bus. Employees will work a 3 week on, 10 day off roster and leave entitlements have been based on the Mauritanian labour code.

The labour cost estimate includes allowance for local and international travel for expatriate employees.

FUEL

Quotations were received from fuel distributors to supply diesel to the Tiris Operation inclusive of international and local freight, insurance and handling costs, and margins.

Quotations were received from two suppliers and a diesel price of US$0.86 per litre has been applied to the operating cost estimate.

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POWER

Power will be provided to the Tiris Operation via a main power station located adjacent to the Process Plant, plus several diesel generators located at the Beneficiation Plant and Remote Bore Field. The main power plant will include a hybrid of diesel and solar generation. The power generation will be supplied under a build, own, operate (BOO) contract over a 5 year term.

The levelized cost of energy (LCOE) unit cost for the Tiris Feasibility Study has been estimated at US$0.22 per kWh, based on the diesel fuel price of US$0.86 per litre.

MAINTENANCE

Maintenance costs include the cost for maintenance consumables and spare parts necessary for day-to-day operation of the process plant.

Maintenance costs are also included for maintenance of the site access road, diesel generator maintenance, light vehicle maintenance, and solar field maintenance. Maintenance facilities will be provided for the contract mining fleet, but maintenance costs are included in the mining contract.

SUSTAINING CAPITAL

REAGENTS AND CONSUMABLES

Reagents and consumables include the following cost elements:

Rotary scrubber (e.g. tyres)
Screen consumables
All reagents used in the process;
Fuel for mobile equipment assigned to the process and maintenance groups;
Lubricants, operating tools and equipment, general and operator supplies.

Reagent addition rates were derived from laboratory test work and steady state simulation of the process. Reagent and steam consumption rates have been calculated on a per pound of uranium oxide or per tonne of leach feed basis. This was derived from the steady state mass and energy balance developed using the Andritz IDEAS software.

GENERAL AND ADMINISTRATION

General and administration expenses have been categorised into the following areas:

Safety and training
Environmental

Sustaining capital is the ongoing cost required to sustain mobile and fixed assets. For the Tiris Operation it includes costs related to:

Major maintenance of plant and infrastructure
Transportation of Beneficiation Circuit to new mining areas as defined by the LOM mine schedule.
External technical services
Communications
Camp accommodation and messing
Laboratory
Medical clinic
Logistics and freight
General administration

The total LOM sustaining capital has been estimated at US$10.1M, equivalent to US$0.83 /lb U3O8.

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OPERATING COST SENSITIVITY

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Figure 11.2: Sensitivity of operating cost to variations in reagent consumption

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Figure 11.3: Sensitivity of operating cost to variations in reagent price

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Figure 11.4: Sensitivity of operating cost to variations in Mining rate

Figure 11.5: Sensitivity of operating cost to other variations

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SCOPING STUDY COMPARISON

Comparison of estimated OPEX in Table 11.4 demonstrated an overall reduction in operating costs between the Scoping Study and DFS of 14%. These reductions were predominantly achieved in optimisation of reagent consumption.

In August 2017 Aura announced a reduction in operating costs. This included process optimisation, without updating the other OPEX inputs. As part of the DFS study additional detail was added to the mining plan and the decision was made to utilise contract mining, rather than an owner operated fleet. This transferred expenditure from Capital to Operating costs and accounts for a significant proportion of the cost difference.

Table 11.4: Comparison of Scoping Study and DFS OPEX estimate

Category	Scoping Study 2014	Scoping Study 2017 update1	DFS 2019
	US$/lb U3O8	US$/lb U3O8	US$/lb U3O8
Mining	3.53	3.53	7.16
Processing	16.20	6.15	7.05
Services	4.12	4.12	5.19
G & A	5.60	5.60	6.04
TOTAL	29.46	19.40	25.43

1ASX Announcement: “Tiris operating cost reduced by 35%” 30th August 2017. Included optimisation of processing costs only. All other costs remained unchanged from 2014 Scoping Study.

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URANIUM

MARKET

Long-Term Contracting market by utilities will be a key driver in sentiment for uranium and strongly impact the uranium price

With Section 232 now resolved a degree of uncertainty has been removed allowing market participants to re-engage with certainty in the uranium market.

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URANIUM

MARKET

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Tiris Project Definitive Feasibility Study

The uranium market is somewhat different to other metal markets as almost all uranium is sold on long-term contracts between miners and utilities. These contracts are confidential and have very little visibility in the market. While only limited uranium is sold on the ‘spot’ market, the spot price is the only visible metric for uranium price, and has a significant influence on market sentiment.

The uranium spot price has experienced a sustained period of depressed levels, driven by reduced demand following the Fukushima incident in 2011.

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NUCLEAR CAPACITY DEVELOPMENTS

Recent developments in Asia have lifted demand.

An injunction to restart Unit No 3 at Okata power plant was rejected in October 2018. Overall, nine nuclear reactors have been given approval to restart, and another 18 are in the process of completing the final stages of recommencement.

A number of new reactors in China have been connected to the China’s national power grid. The Sanmen nuclear power plant was connected to the power system in September 2018. Unit No 4 of the Tianwan nuclear power plant was connected to the power system in October 2018, which lifted global nuclear power generation above 400 GWe for the first time. Haiyang Unit No 1 is also close to connection to the national power grid .

Russian energy group Rosenergoatom announced that both Unit No 1 at its Leningrad Phase II nuclear power plant, and Unit No 4 at the Rostov nuclear power plant entered commercial operations in December 2018. In the USA, both the Vogtle No 3 and No 4 reactor development recently cleared approval from its owners to continue construction.

In Taiwan a referendum to phase out nuclear power by 2025 was defeated, with 59% of votes cast for the continuation of nuclear power generation. The nuclear power costs in Taiwan are one-third of the cost of wind power and one-fifth the cost of LNG.

World wide uranium consumption increased from 80,900 tonnes in 2017 to 84,300 tonnes in 2018, an increase in consumption of 4.2% year-on-year. The scale of construction across Asia is forecast to increase consumption by 10,000 tonnes by 2020.

The Japanese Nuclear Regulation Authority has approved the restart of Unit No 2 at the Tokai nuclear facility.

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Figure 12.1: Nuclear plants operating and under construction

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Large production cuts in 2018 reduced the growth in uranium inventories. Global supply fell from 69,000 tonnes in 2017 to 61,700 tonnes in 2018, a reduction of 10.6%.

MARKET BALANCE AND PRICE

There are early signs of a sustained recovery in the uranium price with gains since September 2018.

Supply cuts from Canada and Kazakhstan have been the main drivers for the lift in spot prices. With production expected to continue at current levels, a number of commentators believe spot prices will hold in a tighter market. The Bureau of Resource and Energy Economics (BREE) maintain that inventory levels are likely to suppress price growth to some degree, but there is a shift towards prices spiking. The impact of falling mine commencements and lower exploration have not been quantified.

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Figure 12.2: Uranium spot price

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Figure 12.3: U3O8 production

OFFTAKE AGREEMENT

On 25 January 2019, the Company announced that it had completed an offtake agreement with Curzon Uranium Trading Limited. Details of the offtake agreement are available in ASX announcement “Aura concludes offtake agreement”, 29[th] January 2019.

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FINANCIAL ANALYSIS

Total project After Tax cash flow is US$289 million (A$413 million)
Average After Tax cash flow of US$19.2 million per annum (A$27.4 million)
Project IRR of 22%

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Financial analysis of the Tiris Project is based on 75% project funding. This is by way of an Export Credit facility equal to US$56.13 million, with upfront costs of US$18.71 million. All results are inclusive of Mauritanian government royalties and commitments relating to the offtake agreement with Curzon Resources. This is outlined in the ASX announcement “Aura concludes offtake agreement”, dated 29[th] January 2019. Results are on an after tax basis in $USD, unless otherwise stated. Financial modelling is inclusive of all capital items, including mining mobilisation, process plant, project infrastructure and LOM sustaining capital.

The project financial analysis has been completed with a valuation date of 1 July 2021.

Table 13.1 shows the variance in NPV8, IRR, payback period and net cashflows for a range of uranium contract prices, including commitments to Curzon Resources offtake agreement. At a base case uranium price of US$60/lb U3O8, the NPV8 of the Tiris Project is US$79.7M. This is with an IRR of 22%, and a project payback of 3.7 years from commencement of production. At this price the project generates annual net cashflows (EBITDA) of US$19.9M.

Table 13.1: Summary of project financials

Table 13.1: Summary of project fnancials	Table 13.1: Summary of project fnancials	Table 13.1: Summary of project fnancials	Table 13.1: Summary of project fnancials	Table 13.1: Summary of project fnancials	Table 13.1: Summary of project fnancials
Price	NPV8	IRR	Payback	Net Cashfows
US$/pound	US$M		years	Total	annualised

45	15.6	11%	6.4	95.6	11.6
50	36.0	15%	5.3	133.8	14.2
55	57.0	18%	4.4	173.4	17.0
60	79.7	22%	3.7	216.0	19.9
65	102.4	25%	3.3	258.8	22.8

Tiris Project Definitive Feasibility Study

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Figure 13.2 shows the sensitivity of the Project NPV8 to variations in capital and operating costs, uranium head grade and uranium price within the -15% +20% accuracy of the FS. Uranium Price and uranium grade have the greatest impact on project economics.

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Figure 13.2: Project sensitivity

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Tiris Project Definitive Feasibility Study

RISK ANALYSIS

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Tiris Project

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Definitive Feasibility Study

The key risks with their mitigations, are identified as follows:-

1) The project’s success is fundamentally linked to the contract price for uranium exceeding the operating cost for the project. Aura is in the process of seeking additional Offtake agreements with suitable long term pricing, but this risk is largely outside Aura’s control. There are some previous suppliers with their plants in care and maintenance who could come back on-line, but as time extends this likelihood is expected to lessen.
2) The estimated capital costs for the project could prove optimistic, requiring additional funding. The Capex estimate was composed of 85% external pricing, so has a strong basis for its pricing. The project will rely on competent Project cost control by the EPC company overviewing the project.
3) There is an OHS risk of radioactive dust in the mining and front end areas causing OHS issues in front end operators. Aura will ensure operators are in dust sealed cabins, use personnel badges and will rotate personnel if necessary.
4) Sourcing of crushed rock aggregate for roads, pads and concrete from a source close to Tiris is a concern. A mobile rock crushing and screening plant is planned, using local granite or calcrete rock outcrops.
5) There are potential risks in obtaining Mauritanian statutory permit approvals, in the time required. Aura would seek a high level connection between Government authorities and its senior management, to supplement the usual project interfaces between Aura’s local permitting supervisor and Government authorities. It is expected given Aura’s focus on maximising local employment, that the Mauritanian Government will be quite supportive.
6) There are risks from terror groups in the Sahel region in taking Western hostages. Aura has provisionally arranged for a platoon of 20 soldiers to be permanently based close to the site, responsible for external security. Aura will continue with its very close coordination with police/ gendarmes/military guarding the area, and will minimise the number of Western expatriates at site.
7) There is a potential loss of knowledge from resignation or illness of Aura’s key technical personnel. Aura has taken action to reduce this likelihood, and with its engineering house having produced a detailed Feasibility Study, has further back up.
8) A risk remains of insufficient water being available for the project. However drilling in 2019 successfully located water in 2 bores on structures identified by Aura with one producing 15,000 litres per hour. Of 4 holes drilled in the area 2 successfully located good volumes of water. The 50% strike rate in drilling bodes well for the location of additional water sources in the same geology and indicates a strong likelihood that the current drilling program will locate additional water supply in the same geology for the relatively low water requirement of the Tiris Project. A program of drilling and test work is currently underway.
9) With no network power back up, Aura’s hybrid diesel and solar generation plant may suffer “crash stops” from power system fluctuations. Aura shall undertake rigorous engineering selection of the power generation supply, and hire experienced and competent electrical support personnel for the initial 2-3 years to maintain the power plant.

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Tiris Project Definitive Feasibility Study

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Aura Energy Limited — Capital/Financing Update 2021

10434_rns_2021-08-17_5d08046e-c7e7-4563-908d-9837e5fd636f.pdf

ASX RELEASE

Zero Emission Tiris Uranium Project Definitive Feasibility Study – Updated Capital Estimate

KEY PROJECT OUTCOMES OF THE STUDY:

KEY FINANCIAL OUTCOMES OF THE STUDY:

PROJECT UPSIDE

IMPLEMENTATION

PEER COMPARISON

ASX:AEE

Capital Cost

Operating Cost

The C1 cash cost will be US$25.43/lb U3O8.

The All-In Sustaining Cost (AISC) will be US$29.81/lb U3O8.

Project Outcomes Summary

Financial Outcomes Summary

Uranium Price Sensitivity

Water

Reserve Estimate

Vanadium Potential

Uranium Market

Comparison with 2019 Definitive Feasibility Study

Cautionary Statement

Appendix Glossary of terms

U3O8

uranium oxide.

Competent Persons

1.1 Section 4 Estimation and Reporting of Ore Reserves

ASX:AEE

ASX:AEE

Commentaryy

ASX:AEE

ASX:AEE

ASX:AEE

TIRIS URANIUM PROJECT

PROJECT HIGHLIGHTS

KEY METRICS

INTRODUCTION

PROJECT

HISTORY

1/ FLAT-LYING NEAR SURFACE MINERALIZATION

2/ LOW COST MINING

3/ SIMPLE BENEFICIATION

5/ HIGH LEACH FEED GRADES

DEFINITIVE FEASIBILITY STUDY

85% -15% +20% 15 YEARS

PROJECT LOCATION

Feasibility Study Team

TENURE AND LAND ACCESS

The key approvals provided for the Tiris project to date are:-

GEOLOGY

GEOLOGY

LOCAL GEOLOGY

MINERALIZATION

RESOURCES AND

RESERVES

RESOURCES

RESOURCES

RESOURCES

RESOURCES

RESOURCES

ADDITIONAL RESOURCE POTENTIAL

ORE

RESERVES

MINING

MINING

PIT

OPTIMIZATION

OPTIMIZATION

RESULTS

MINE DESIGN

MINING METHOD AND CYCLE

SCENARIO

CONTRACT MINING

PROCESS FACILITIES

The Tiris Project has very simple uranium mineralisation that is well suited to a conventional

PROCESS PLANT

WATER SUPPLY

PROCESS TEST WORK

Aura Energy Limited Capital/Financing Update 2021